May 18, 2019

Over $428m allocated for agricultural mechanization this year

TEHRAN – The head of Iran’s Agricultural Mechanization Development Center said some 18 trillion rials (over $428.5 million) has been allocated for mechanization of the country’s agricultural sectors including agriculture, horticulture, livestock, poult...
May 18, 2019

‘Energy Ministry to support private renewable power plants for electricity exports’

TEHRAN – Iranian Energy Minister Reza Ardakanian said the country’s renewable power plants operated by the private sector will be provided with necessary facilities to export electricity to the neighboring countries, Tasnim news agency reported on Frid...
May 18, 2019

Small ports can play key role in current economic condition: PMO official

TEHRAN- Small ports can play some key and essential role in the country’s current economic condition, the ports affairs director of Iran’s Ports and Maritime Organization (PMO) Ravanbakhsh Behzadian asserted.
May 18, 2019

80 new power projects to be implemented in Tehran by late-June

TEHRAN – Iranian Energy Ministry is going to implement 80 new electricity projects worth five trillion rials (over $119 million) in the capital to get the grid prepared for passing the summer’s peak demand period, IRIB reported quoting an energy offici...
May 18, 2019

IRENEX to hold 10th round of oil offering based on new guidelines

TEHRAN- National Iranian Oil Company (NIOC) is going to set new guidelines for holding the 10th round of crude oil offering at Iran Energy Exchange (IRENEX), IRNA reported.
May 18, 2019

Iranian, Iraqi businessmen gather in an Iftar dinner in Baghdad

TEHRAN – Officials, businessmen and entrepreneurs from Iran and Iraq gathered together for an Iftar dinner in Friday evening at the Iranian embassy in Baghdad, IRNA reported.
May 18, 2019

Iran Boosting Gas Exports to Iraq

An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer. Managing director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati told Tasnim that Iran’s gas exports to Iraq are constantly increasing and nearing a […]
May 17, 2019

238 production units to back online in Tehran Province by Mar. 2020

TEHRAN- The head of Tehran Province Management and Planning Organization said that some 238 production units in the province will come back to the production cycle by the end of current Iranian calendar year (March 19, 2020).
May 17, 2019

‘Electricity consumption down 4% in 2 months on year’

TEHRAN – Iran’s year-to-date electricity consumption has decreased by four percent compared to the last year, Mehr news agency reported quoting an energy official.
May 17, 2019

5 new freeways to be inaugurated by next March

TEHRAN- Iran’s Deputy Transport Minister Kheirollah Khademi announced that five new freeways will be inaugurated in the country by the end of current Iranian calendar year (March 19, 2020).
May 17, 2019

Tehran, Damascus discuss expansion of economic ties

TEHRAN- Hassan Danaeifar, the advisor to Iran’s first vice president and also the chairman of the Iranian committee on development of economic relations with Syria and Iraq, and Atef Nadaf, the Syrian minister of interior trade and consumer protection,...
May 17, 2019

‘Exporters re-inject 60% of their foreign currency earnings into economy’

TEHRAN- The governor of the Central Bank of Iran (CBI) said so far the country’s exporters have re-injected 60 percent of their total exports revenues in the form of foreign currency into the country’s financial system, IRNA reported on Friday.
May 17, 2019

Too early to assess impact of U.S. Iran sanctions on market: Novak

TEHRAN - Russian Energy Minister Alexander Novak Said the impact which the U.S. sanctions on Iranian oil industry will have on the global markets is still unclear, IRNA reported
May 17, 2019

S. Korea April oil imports from Iran rise 17% on year

TERHAN – South Korea’s April oil shipments from Iran increased 17 percent compared to the same period last year, Reuters reported citing the country’s customs data.
May 17, 2019

Iran delivers 130,000t of fuel oil to China

TEHRAN – A tanker carrying Iranian fuel oil unloaded the nearly 130,000-ton cargo into storage tanks near the Chinese city of Zhoushan, Reuters reported on Thursday citing ship tracking data on Refinitiv Eikon.
May 17, 2019

Iran Eyes Closer Military Cooperation with Iraq

The Iranian defense minister called for the enhancement of military and defense cooperation with Iraq, saying collaboration between the two neighbors would serve regional security and stability. In a meeting with a delegation of Iraqi military commanders, Brigadier General Amir Hatami said the common threats and opportunities necessitate closer consultations between Tehran and Baghdad for […]
May 16, 2019

Iranian National Oil Company opens Office in Iraq

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iran Business News. The National Iranian Oil Company (NIOC) decided May 4 to open an economic representative office in Iraq. The decision was made during a meeting bringing together executives at Iraq’s Oil Ministry and […]
May 15, 2019

Iranian heavy crude oil price up over $4 per barrel in April: OPEC

TEHRAN- Iranian heavy oil price increased $4.35 in April, according to OPEC’s latest monthly report published on Tuesday.
May 15, 2019

‘Electricity services account for 70% of Iran’s service exports’

TEHRAN – Iran’s Deputy Minister of Energy for International Affairs Farhad Yazdandoust said electricity industry services account for 70 percent of the country’s total engineering and services exports.
May 15, 2019

NPC planning to complete petchem value chain in Assaluyeh

TEHRAN – Iran’s National Petrochemical Company (NPC) is planning on completing the petrochemical value chain in Assaluyeh petrochemical zone in southwestern Bushehr province, Shana reported on Wednesday, quoting an official with NPC.