April 15, 2018

Dollars for…donuts: when the craze for FX simply gets out of control

The other week’s slide in the rial to a new record low, posted as 56,800 per dollar, according to the Financial Tribune last week, shows just how maniacal the market’s thirst for hard currency has become. But instead of following the herd and asking, ...
April 15, 2018

Iran’s annual non-oil exports anticipated to hit $55b by Mar. 2019

TEHRAN- Iranian deputy industry, mining and trade minister predicted that the country’s annual exports of non-oil products will reach $55 billion in the current Iranian calendar year (ends on March 20, 2019), ISNA reported on Sunday.
April 15, 2018

Platforms of SP remaining phases to be completed by next March.

TEHRAN- Building the platforms of the remaining phases of Iran’s South Pars gas field, except for phase 11, will be completed by the end of current Iranian calendar year (March 20, 2019), according to the managing director of Pars Oil and Gas Company (...
April 15, 2018

South Pars daily output to rise 84mcm by late Sept.

TEHRAN- Daily production of gas from Iran’s South Pars gas field (shared with Qatar in the Persian Gulf) will be increased by 84 million cubic meters (mcm) by the end of the first half of current Iranian calendar year (September 22), according to the m...
April 15, 2018

Settling $2.5b of Iran oil dues, Essar Oil still owes about $616m

TEHRAN – India’s Essar Oil has paid about 2 billion euros ($2.5 billion) of its oil dues to Iran and still owes the country about $616 million, Reuters reported quoting Essar Oil’s Chief Executive B. Anand as saying on Thursday.
April 15, 2018

Lukoil “One of the Favorites” for Iran Oil Field Development

By John Lee. Russia’s Lukoil is reported to be “one of the favourites” to win the contracts to develop Iran’s Mansouri and Shanguleh oil fields. Sputnik quotes company boss Vagit Alekperov (pictured) as saying that contracts could be signed in the next three to four months. The National Iranian Oil Company (NIOC), which announced a […]
April 15, 2018

Iranian firm to set up Farm Machinery Factory in Philippines

By John Lee. An Iranian firm is reportedly seeking to establish a 50-meter assembly line in the Philippines to produce farm machinery such as tractors. The Philippines Department of Agriculture (DA) said in a statement that the Special Trade Adviser to the Embassy of the Philippines in Tehran, Nader Saeedi, discussed with Agriculture Secretary Emmanuel […]
April 15, 2018

Iran eyes Energy Cooperation with Brazil

Iran’s foreign minister highlighted the opportunities available for Tehran and Brasilia to broaden their bilateral economic relations, saying Iran supplied the South American country’s energy demands in the past and can now work with it in the oil and gas industry. “Brazil is one the world’s major economies, the main economy in Latin America, and […]
April 14, 2018

Iran, Azerbaijan ink MOU to exchange electricity

TEHRAN - Iran and Azerbaijan signed a memorandum of understanding on Thursday based on which Iran will import 180 megawatts (MW) electricity from Azerbaijan during summer (starting from June 1).
April 14, 2018

Poland’s biggest refinery joins Iranian crude oil buyers

TEHRAN – Following Lotos, Poland’s biggest oil refiner PKN Orlen has joined the buyers of Iranian crude oil, receiving a 130,000-ton shipment of Iranian crude at the Baltic seaport of Gdansk, Reuters reported.
April 14, 2018

Iran’s oil output up 3,300 bpd in March: OPEC

TEHRAN- According to OPEC’s latest monthly report published on April 13, Iran’s oil production, based on secondary sources, stood at 3.814 million barrels per day (bpd) in March, up 3,300 bpd from that of February.
April 14, 2018

$21bn Capex for Iran’s Oil Projects by 2021

Almost $21 billion in capital expenditure (capex) will be spent by Iran on oil projects between 2018 and 2021 to ensure that production grows to around 4.9 million barrels per day in 2021, according to leading market research and analysis firm GlobalData. The region will have 66 fields producing liquid hydrocarbons by 2021, of which […]
April 14, 2018

Total Finalizes Tenders for SP11 Development

France’s energy giant Total has carried out tendering for subcontracts and other preparatory work at its South Pars Phase 11 project in Iran, the CEO of Pars Oil and Gas Company (POGC) said. Speaking to Shana, Mohammad Meshkinfam announced that the value of the tenders held by the French major surmounts €700 million. “Most of […]
April 14, 2018

Iran raises Minimum Wage in concession to Workers

By Zep Kalb for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Following intense tripartite negotiations, the Iranian government, employers and unions agreed to increase the country’s minimum wage by 19.8%, from 9.29 million rials ($245) per month to 11.14 million rials ($294.50). The deal will see the highest […]
April 13, 2018

New shareholders’ presence in TSE up 40% in a year

TEHRAN- Presence of new shareholders in Tehran Stock Exchange (TSE) rose 40 percent in the past Iranian calendar year 1396 (ended on March 20), compared to its preceding year, according to TSE CEO Hassan Qalibaf-Als.
April 13, 2018

Annual car imports drop 8%

TEHRAN- Iran imported 70,075 vehicles worth $1.838 billion in the past Iranian calendar year 1396 (ended on March 20) which indicates 8.6 percent and 8.4 percent fall in number and value, respectively, compared to its preceding year.
April 13, 2018

Iran offers Russia €3bn Rail Electrification Projects

By John Lee. Iran has reportedly proposed rail electrification projects worth 3 billion euros to Russia. Alexander Misharin (pictured), Russian Railways First Vice-President, has said the projects include electrifying 3,000 kilometers of rail lines. He told Russia’s Sputnik news agency: “Three-thousand kilometers, a big project. We agreed to sit down at the negotiating table and […]
April 13, 2018

Iran “Keen to Invest” in Zimbabwe’s Private Sector

By John Lee. Iran’s Ambassador to Zimbabwe, Ahmad Erfanian, has reportedly said that several private companies from Iran were holding discussions with their local counterparts regarding business opportunities in Zimbabwe. He said in an interview in Harare: “We believe that with the new [administration led by President Mnangagwa], a lot of opportunities opened up in […]
April 13, 2018

What’s behind Iran’s massive Capital Flight?

By Bijan Khajehpour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. A prominent Iranian member of parliament’s recent statement about a significant outflow of capital from the country has raised eyebrows. Commenting on the foreign exchange fluctuations in March, parliamentary economic commission head Mohammadreza Pourebrahimi said some $30 […]
April 12, 2018

Iran sells light crude oil at $64.34 in a week

TEHRAN- Iran’s light crude oil price fell $2.31 in the week ended on April 6 to settle at $64.34 per barrel, Shana reported on Wednesday.