March 10, 2018

Iranian, Iraqi private sectors fortifying economic ties

TEHRAN- In a Thursday meeting at Karbala Chamber of Commerce, an Iranian trade delegation from Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) discussed increasing mutual ties with their Iraqi counterparts, the portal of ICCIMA rep...
March 10, 2018

IMF anticipates 3.8% GDP growth for Iran in 2018

TEHRAN- In a recent report, the International Monetary Fund (IMF) anticipated a real gross domestic product (GDP) growth of 3.8 percent for Iran in 2018.
March 10, 2018

Central Bank Chief Hails Economic Growth in Iran

The Governor of the Central Bank of Iran (CBI) Valiollah Seif highlighted the administration’s success to push down inflation and stimulate economic growth after years, saying the country’s economic growth rate hit 12.5 percent last year. Addressing the 57th annual general assembly of the CBI on Sunday, Seif expected that the rate of economic growth […]
March 10, 2018

Iran to Boost Jobs, Clean Air by Revamping Auto Fleet

By Maysam Bizaer for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Major Iranian urban centers have seen unprecedented air pollution in recent years. According to officials, it is caused primarily by the many cars on the streets, with heavy vehicles including trucks and buses emitting 63% of air-polluting particles. An […]
March 10, 2018

ONGC Videsh, Iran’s IDRO Oil sign accord

By John Lee. India’s ONGC Videsh has reportedly signed a cooperation agreement with Iran’s IDRO Oil (Gostaresh Iranian Oil And Gas Industries Development Company) to jointly bid for a $900-million plan to develop the Susangerd oilfield in Khuzestan province. The field, discovered in 2009, is estimated to hold more than 5 billion barrels of in-place […]
March 9, 2018

Iraq to continue Importing Electricity from Iran

By John Lee. Iraq’s Minister of Electricity Qassim Mohammad al-Fahdawi has met with a visiting delegation from Tehran headed by Iran’s Minister of Industry, Mine and Trade, Mohammad Shariatmadari. They renewed for an additional year a contract under which Iran sells electricity to Iraq. Through four major supply lines, Iran sends 1,000 megawatts of electricity […]
March 9, 2018

First platform of SP phases 22-24 loaded

TEHRAN- Platform SPD-22, which is the first platform of the phases 22, 23, 24 of developing Iran’s South Pars gas field (in the Persian Gulf) was loaded at Sadra yard in the southwestern province of Bushehr on Thursday.
March 9, 2018

Iran saves $300m/y in Hengam Gas Processing Project: CEO

The managing director of the Iranian Offshore Oil Company (IOOC), Hamid Bovard, says the gas processing complex of Hengam Oilfield will save Iran over 300 million dollars annually, once fully operational. The daily cost-saving of the project will be more than $700,000 per day, he said. Addressing the opening ceremony of the gas processing complex, […]
March 9, 2018

Iran Plans Major Boost to Tehran Int’l Airport

Under a multi-billion-euro project to expand Tehran’s Imam Khomeini International Airport (IKA), new terminals would be built that, along with the existing one, could handle 100 million passengers a year, an official said. Speaking at a press conference on ideas for the design of a new air terminal dubbed “Iran-Shahr”, Shahram Adamnejad, CEO of Imam […]
March 9, 2018

US Court Turns Away Dispute Involving Bank Melli

The US Supreme Court Monday declined to take up Iranian government-owned Bank Melli‘s appeal of a lower court ruling that allowed victims of militant attacks allegedly backed by Iran to seek millions of dollars in compensation from the bank. The justices left in place the lower court’s ruling that allowed some plaintiffs, trying to satisfy […]
March 8, 2018

Non-oil trade near $90b in 11 months

TEHRAN- The value of Iran’s non-oil trade with foreign partners stood at $89.347 billion in the 11-month period ended on February 19, according to the data released by the Islamic Republic of Iran Customs Administration (IRICA).
March 8, 2018

Iranian trade delegation to visit Senegal, Brazil, Uruguay in mid-April

TEHRAN- Iran Chamber of Commerce, Industries, Mine and Agriculture (ICCIMA) delegation and Iranian Foreign Minister Mohammad Javad Zarif are scheduled to pay visits to Senegal, Brazil, and Uruguay from April 9 to 12, the portal of ICCIMA reported.
March 8, 2018

Agreement on Shiraz-Bushehr railway construction signed with Chinese Co.

TEHRAN- The agreement on construction of railway between Iran’s south-central city of Shiraz and the southwestern city of Bushehr, worth $700 million, was signed between Iranian Ministry of Transport and Urban Development and a Chinese company in Tehra...
March 8, 2018

Iran, Iraq Economic Roadmap to be Outlined

By John Lee. Iran’s Minister of Industry, Mine and Trade, Mohammad Shariatmadari (pictured), has said it is hoped that upcoming visit of Iran’s first vice president Es’hagh Jahangiri to Iraq will “outline the economic cooperation roadmap between the two countries.” Shariatmadari and his accompanying delegation held talks on Monday with Iraq’s Minister of Housing and […]
March 8, 2018

Bank Melli Iran, Aresbank of Spain to Expand Ties

By John Lee. Gholam Reza Panahi, Deputy Governor for currency affairs at Bank Melli Iran (BMI), has met with officials of Spain’s Aresbank. Pointing to the special potentials of the BMI in providing effective services to Iranian and Spanish businessmen, Panahi stressed on the development of broker relations between the two banks. Given the fact […]
March 8, 2018

300 Peugeot Pars on their way to Iraq

By John Lee. By the end of this year IKCO will strengthen its presence in Iraq, dispatching 300 Peugeot Pars passenger cars, equipped with automatic gearboxes. “Iraqi market is one of the foremost export markets for IKCO,” said Hassan Golchubian, IKCO Export Director of the Middle East and Africa, adding that as other markets, Iraq […]
March 8, 2018

Swiss Firm Denies Major Infrastructure Deal with Iran

Switzerland’s Stadler Rail denied reports that it signed a $1.4 billion infrastructure contract with Iran for 960 wagons for an underground railway system. In a statement on Friday, Stadler Rail said there was no deal or decision between Tehran and Bern but merely a public tender, Swissinfo website reported. This is while the Swiss embassy […]
March 7, 2018

Monthly exports from PSEEZ up 41% yr/yr

TEHRAN- The value of exports from Pars Special Economic Energy Zone (PSEEZ) rose by 41 percent during the Iranian calendar month of Bahman (January 21-February 19) compared to the same month last year, Shana reported.
March 7, 2018

Tehran, Moscow set to broaden economic co-op

TEHRAN- The 14th meeting of Iran-Russian Joint Economic Committee wrapped up on Tuesday with signing a cooperation document by Iranian Finance and Economic Affairs Minister Masoud Karbasian and Russian Economic Development Minister Maxim Oreshkin in Mo...
March 7, 2018

China’s Puzhen to finance manufacturing subway wagons in Iran

TEHRAN – Chinese rolling stock company, CRRC Nanjing Puzhen, signed a deal with Iran’s Industrial Development and Renovation Organization (IDRO) on Wednesday for financing the joint manufacturing of subway wagons in Iran.