September 10, 2017

Iran to increase oil output to 4.5m bpd within 5 years

TEHRAN - Iran is planning to increase its oil production to 4.5 million barrels per day (bpd) within five years, Shana reported quoting National Iranian Oil Company (NIOC) Managing Director Ali Kardor as saying on Sunday.
September 10, 2017

Iran’s first data vending agreement signed with Inforex

TEHRAN- The first ever data vending deal in the Iranian capital market was signed between Iran Financial Center (IFC) and Greece’s Inforex S.A. data vendor company on Sunday.
September 10, 2017

Uber Appoints Iranian-born CEO

By John Lee. Uber’s Board of Directors has voted unanimously to appoint Iranian-born Dara Khosrowshahi to be the company’s new CEO. According to a company statement, Dara came to America at nine years old when his family escaped Iran on the eve of the Iranian Revolution. Media sources say his father had to go back […]
September 10, 2017

Cargo Line Opened between Qatar, Turkey via Iran

Qatar has opened a land and sea cargo line with Iran and Turkey in a bid to reduce the Arab country’s cargo shipping costs by 80 percent, a report said. Former editor-in-chief of Qatar’s al-Sharq newspaper, Jaber Al-Harmi, said via twitter that the Persian Gulf Arab state has opened a land and sea cargo line […]
September 10, 2017

Possible Japan Budget Hike to Tap Iran Oil Opportunities

An official with Japan’s Ministry of Economy, Trade and Industry (METI) has requested an 11% hike in its budget for acquiring exploration and upstream development-stage assets in fiscal 2018-19 as the country is looking at oil opportunities in Iran, a ministry official said. The official said that METI has asked for a $552.8 million budget […]
September 10, 2017

Iran, India “Probably Part Ways” on Farzad B

Iran has started preliminary talks with Russians to develop Farzad B but negotiations also carry on with the Indians who have long coveted the giant gas field, Iranian Oil Ministry stated. “For the development of the Farzad B field, we are pursuing three separate paths in parallel, but none of the options is definite yet,” […]
September 10, 2017

Prison for CEO who Conspired to Export Specialty Metals to Iran

Erdal Kuyumcu, the chief executive officer of Global Metallurgy, LLC, based in Woodside, New York, has been sentenced to 57 months in prison following his June 14, 2016 guilty plea to conspiracy to violate the International Emergency Economic Powers Act by exporting specialty metals from the United States to Iran. The sentencing proceeding was held […]
September 10, 2017

FAO: global cereal production to hit a record high

According to a press release published by the FAO Representation in the Islamic Republic of Iran, Global food prices dipped in August, mainly as the prospect of bumper cereal harvests pushed up expectations for larger grain inventories.
September 9, 2017

Imports from U.S. drops 51% in 7 months: ASA

TEHRAN- Iran’s imports from the United States dropped 51 percent during the first seven months of 2017 and reached $48.1 million, compared to the same period in the preceding year.
September 9, 2017

Iranian, Venezuelan private sectors investigate further economic co-op

TEHRAN- Representatives from Iranian and Venezuelan private companies and firms studies avenues of boosting mutual economic and trade cooperation in Venezuela on Thursday.
September 9, 2017

Iran’s gas export up 64% in 5 months yr/yr

TEHRAN- Iran exported over five billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), a 64 percent rise from 3.2 bcm in the same period of time last year, according to a gas of...
September 9, 2017

Iranian oil delivery to Russia being worked out: Novak

TEHRAN- Russian Energy Minister Alexander Novak said that supply of Iranian oil to Russia under the oil-for-goods mechanism is being worked out.
September 8, 2017

Austrian Bank to Finance Iranian Deals

By John Lee. Austria’s Oberbank will reportedly provide credit for Austrian companies doing business in Iran. Chief Executive Franz Gasselsberger (pictured) told Reuters that the deal will be signed at ceremony on 21st September at its headquarters in Linz, adding that he has “very concrete projects in the fields of infrastructure, rail, health, hospital construction, […]
September 8, 2017

Ex-Minister Charged with Conspiring to Evade Sanctions

By John Lee. A former economy minister and other high-profile Turkish figures have been charged with conspiracy to evade US sanctions on Iran. The indictment charges Mehmet Zafer Caglayan, along with the former head of Turkey’s state-owned Halkbank and with some of his deputies. According to a report from The Washington Post, the investigation had […]
September 8, 2017

Iran Inks Flaring Deal with France’s Sofregaz

The National Iranian Oil Company (NIOC) and a consortium of France’s Sofregaz and Sanat Sazeh Samin for recovery and consumption of flare gas at a refinery at South Pars. Signed on Wednesday, the deal was signed by Ali Mohammad Ahmadi, operator of South Pars Sustainable Development Project representing NIOC, Sofregaz Managing Director Yann Aubry Lecomte […]
September 8, 2017

Iran to Receive 2 New ATR Planes in Weeks

Two of the other brand-new turboprops Iran has purchased from ATR aircraft manufacturer will arrive in the country during the next Iranian month, CEO of Iran Air Farzaneh Sharafbafi announced. According to the top official, Iran will have the two new passenger planes delivered in the month of Mehr (September 23 – October 22). Iran […]
September 8, 2017

Losing Faith in Rouhani, Iranian Women Ever Defiant

By Dr. Narges Bajoghli for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. “Women get absolutely zero for supporting [Hassan] Rouhani! If we hadn’t voted in this election, does Rouhani think he would have gotten re-elected with the numbers he did?” Leila, a 34-year-old women’s rights […]
September 8, 2017

Iranian, Indian companies agree on joint industrial production

TEHRAN- In a meeting between Managing Director of Industrial Development and Renovation Organization of Iran (IDRO) Mansour Mo’azzami and some high ranking officials and managers from Indian companies active in various industrial sectors the two sides accorded to collaborate on joint industrial production activities.
September 8, 2017

Economic growth touches 7% in 3 months yr/yr

TEHRAN- According to the latest data released by Statistical Center of Iran (SCI), the country’s economic growth was seven percent, including oil revenues, for the first three months of the current Iranian calendar year (March 21-June 21, 2017).
September 7, 2017

5% Growth Expected in Iran this year

By John Lee. The Central Bank of Iran (CBI) has forecast economic growth of at least five percent for the current Iranian calendar year, which ends on 20th March 2018. CBI Governor, Valiollah Seif (pictured), is quoted as saying. “Most of the economic sectors have improved remarkably during the current fiscal year … therefore the […]