April 12, 2019

Iran to Launch 2 Petrochem Plants in H1

Iran is to witness inauguration of two petrochemical projects in the first half of the current Iranian calendar year which began on March 21, a petrochemical official said. According to the National Petrochemical Company (NPC), Ali Mohammad Bossaqzadeh said that Kaveh Methanol Plant would be one of the two projects which is currently undergoing its […]
April 11, 2019

Iraq gives Iranians Visas Free of Charge

Iraq has begun issuing entry visa for Iranians free of charge in a reciprocal move under a deal. Iranians travelling to Iraq can now obtain visa free of charge. The Iraqi cabinet of ministers said the decision that took effect on April 1 has been made as a reciprocal move which had been agreed upon […]
April 10, 2019

Garment exports up 26% in a year

TEHRAN- The value of Iran’s garment exports rises 26 percent in the past Iranian calendar year (ended on March 20, 2019), according to an official at the Ministry of Industry, Mining and Trade.
April 10, 2019

Worries over global economy outweighs geopolitical factors in setting oil prices

TEHRAN – The upward trend of the oil prices in the market hit a stop point on Tuesday when the International Monetary Fund (IMF), once again, poured cold water on the hopes of oil traders who were getting optimistic about global demand this year.
April 10, 2019

Iran’s 2-month crude steel output rises 7.6% yr/yr: WSA

TEHRAN- Production of crude steel in Iran stood at 4.245 million tons during the first two months of 2019, indicating 7.6 percent rise from 3.945 million tons in the same period of time in 2018, according to the latest data released by the World Steel ...
April 10, 2019

Japan seeking extension of sanctions waiver to keep buying Iranian oil

TEHRAN – Japan is seeking to convince the U.S. government to extend the waivers on Iran oil sanctions, S&P global Platts reported quoting a Japanese government official as saying on Wednesday.
April 10, 2019

S. Korea in talks with U.S. to extend waiver for Iranian oil imports

TEHRAN - South Korea is still negotiating with the United States for extending the sanctions waiver on Iranian oil imports, Yonhap reported quoting a Korean government official as saying on Tuesday.
April 10, 2019

Annual investment in water, electricity industries tops $3.8b

TEHRAN – Iranian energy minister said the investment in the country’s power and water sectors reached over 162.6 trillion rials (over $3.87 billion) in the last Iranian calendar year of 1397 (ended on March 20, 2019), IRNA reported. 
April 10, 2019

Iran “ready to Expand Gas, Power Trade with Iraq”

President Hassan Rouhani has called for Iran and neighbouring Iraq to expand their gas and electricity dealings and boost bilateral trade to $20 billion, state TV reported, despite difficulties caused by US sanctions against Tehran. “The plans to export electricity and gas and hopefully oil continue and we are ready to expand these contacts not […]
April 10, 2019

Zangeneh Appoints Deputy for Research, Technology

Iranian Minister of Petroleum Bijan Zangeneh issued a decree appointing Saeid Mohammad Zadeh as his deputy for engineering, research and technology affairs, replacing Habibollah Bitaraf. By entrusting Mr. Mohammad Zadeh with the post, Mr. Zangeneh delegated a number of tasks to his new research deputy including developing technological relations with universities and research centers in […]
April 9, 2019

Iran appointed as deputy chair for IDB’s 45th meeting

TEHRAN – Iran has been elected to be the first deputy chair of the Islamic Development Bank (IDB)’s next governors board meeting due to be held in Saudi Arabia in 2020.
April 9, 2019

IFX touches a new record high in past Iranian year

TEHRAN- IFX, the main index of Iran’s over-the-counter (OTC) market, known also as Iran Fara Bourse (IFB), touched a new record high in the past Iranian calendar year 1397 (ended on March 20, 2019).
April 9, 2019

Trade offices to be opened in Iraq, Lebanon, Syria, Turkey

TEHRAN – Iran is going to open business offices in some of the strategic countries in the region including Iraq, Syria, Turkey and Lebanon, IRNA reported on Tuesday quoting the minister of industry, mine and trade.
April 9, 2019

‘U.S. move against IRGC indicates its failure in anti-Iran economic measures’

Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati underlined that the U.S. designation of the Islamic Revolution Guards Corps (IRGC) as a ‘terrorist organization’ shows its failure in anti-Iran economic pressures and policies.
April 9, 2019

Iran, Iraq agree on Development of Joint Oilfields

Iran and Iraq have reached an understanding on the joint development of the Naft Shahr and Khorramshahr oilfields, Iranian Minister of Petroleum Bijan Zangeneh has announced. Speaking on Sunday, during a visit to the Energy Industries Engineering and Design (EIED), an affiliate to the Oil Industries’ Engineering and Construction (OIEC), the official said: “There are […]
April 9, 2019

Blockchain Startup could Transform Traffic in Iran

By Maziar Motamedi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. How this Blockchain Startup could help people Transform Traffic in Iran As the transportation industry continues to grow around the globe, traffic congestion remains as one of the most significant, largely unresolved issues of […]
April 8, 2019

US labels IRGC as Terrorists

Today, the US Secretary of State Mike Pompeo (pictured) has announced his intent to designate the Islamic Revolutionary Guard Corps (IRGC), including its Qods Force, as a Foreign Terrorist Organization (FTO) under section 219 of the Immigration and Nationality Act. This designation is a historic step to counter Iran-backed terrorism around the world. The IRGC […]
April 8, 2019

Iran’s annual oil revenues exceed $65.8b: CBI

TEHRAN – According to the Central Bank of Iran (CBI)’s latest data, Iran’s revenues from crude oil and oil products exports in the Iranian calendar year of 1396 (March 2017 - March 2018) stood at $65.818 billion.
April 8, 2019

Iran, Iraq ink MOU on establishment of joint commodity exchange

TEHRAN- Based on an MOU signed between Iran and Iraq, the two neighbors agreed on establishment of a joint commodity exchange, IRNA reported.
April 8, 2019

IRENEX to hold 8th round of crude oil offering today

TEHRAN- National Iranian Oil Company (NIOC) will offer one million barrels of crude oil at the base price of $63.36 at Iran Energy Exchange (IRENEX) for the eighth time today, ISNA reported.