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Business

Latest Business News in Iran – News and reports about all things to do with commerce, trade, banking and industry in Iran and the world. Covering ongoing developments, market news, contracts, joint ventures, trade delegations, chambers of commerce, manufacturing, labour news and resource management.

Energy

Iran installs heaviest platform at Phase 11 of South Pars Gas Field, Persian Gulf

IFP Editorial Staff -
Iran successfully completes the operation to install the heaviest platform of South Pars in place, as the country pushes to operationalize the Phase 11 of the giant Persian Gulf gas field.
Energy

Iranian oil minister: Good news ahead about oil sales

IFP Editorial Staff -
Iranian Oil Minister Javad Owji says the administration of President Ebrahim Raisi has succeeded in identifying good markets and capacities for selling crude. Owji noted that when Raisi took office, the oil exports were very low but this administration boosted them.
Economy

Sri Lanka says to barter tea for Iran’s oil

IFP Media Wire -
Sri Lanka is set to start bartering tea to Iran next month in lieu of $250 million owed for oil, a Sri Lankan official told Reuters.
Transportation

Official: Iran seeks more flights to Saudi Arabia following restoration of ties

IFP Editorial Staff -
The Head of Iran’s Civil Aviation Organization, CAO, says Iran and Saudi Arabia are engaged in talks aimed at developing flight network between the two neighbors.
Foreign Policy

Iran FM, UAE chief call for promoting trade ties

IFP Editorial Staff -
The Iranian foreign minister and the president of the United Arab Emirates have called for a mechanism aimed at improving bilateral ties specially economic and trade relations.
Economy

Official: Iranian businesses expect big jump in trade with Arab states

IFP Media Wire -
Iranian businesses believe trade with Arab countries of the Persian Gulf could see a jump in the near future amid a political rapprochement between Tehran and Riyadh, an official with Iran's private sector says.
Energy

World Bank says Iran has become world’s 3rd largest energy subsidizer

IFP Media Wire -
Iran is the third-largest worldwide provider of subsidies for energy consumption, a new report by the World Bank shows.
Agriculture

FAO names Iran as largest dairy exporter in Asia

IFP Media Wire -
The Food and Agriculture Organization of the United Nations in a report on the situation of Iran’s agricultural productions announced that Iran has became the largest exporter of dairy products in Asia.
Energy

Iran’s oil exports hit highest record in 5 years despite US sanctions

IFP Media Wire -
Iran's crude exports and oil output in 2023 have hit new highs despite US sanctions, according to consultants, shipping data and a source familiar with the matter, according to a report by Reuters.
Foreign Policy

Iran, Cuba ink 6 cooperation agreements

IFP Media Wire -
Tehran and Havana have signed six major deals to expand economic, political and judicial cooperation between the two countries. The memoranda of understanding (MoUs) were signed on Thursday during Iranian President Ebrahim Raisi’s state visit to Cuba.
Economy

Iran’s envoy calls for economic synergy with Russia

IFP Media Wire -
Iranian Ambassador to Moscow Kazem Jalali told RT during the St. Petersburg International Economic Forum on Wednesday that countries targeted by Western sanctions should unite to resist monopolar global hegemony.
Finance

Iran’s Central Bank chief holds ‘successful’ meeting with Qatari counterpart

IFP Editorial Staff -
The governor of the Central Bank of Iran (CBI) says he held a meeting with his Qatari counterpart for talks on financial cooperation between the two neighbors.
Finance

1st VP: Iran’s asset frozen by US bans released in some countries

IFP Editorial Staff -
Iran’s First Vice President Mohammad Mokhber says the country’s assets frozen by US sanctions have been released in some countries, and that Tehran is making efforts to get access to the rest.
Energy

Oil minister: Iran sold over 2.8 million refinery spare parts to Venezuela

IFP Editorial Staff -
Iranian Oil Minister Javad Owji says Tehran has exported over 2.8 million units of spare parts meant for reviving refineries in Venezuela, as the two states move to bolster trade ties in the face of US sanctions.
Economy

Economist claims Iran inflation under Raisi set new record high since WWII

IFP Editorial Staff -
An Iranian economist criticizes President Ebrahim Raisi’s handling of the country’s economic issues, claiming that the inflation set a record high in eight decades under his administration.
Energy

Data show Germany has resumed petroleum imports from Iran despite US sanctions

IFP Media Wire -
Berlin has resumed its petroleum imports from Tehran after five years despite a continued regime of US sanctions that bans any trade of energy products with Iran, according to a report.
Foreign Policy

Tehran: Serious steps taken toward release of frozen Iran assets

IFP Editorial Staff -
The spokesman for Iran’s Foreign Ministry says effective steps have been taken toward the release of Iranian assets frozen in other countries.
Foreign Policy

China’s envoy to Iran says Beijing-Tehran deal beneficial for both countries

IFP Media Wire -
Chinese ambassador to Iran Chang Hua has said the implementation of a 25-year comprehensive strategic partnership agreement between Beijing and Tehran will improve the livelihood of both nations.
Economy

Iraq releases $2.7bn of Iran’s blocked assets: Trade official

IFP Media Wire -
Head of the Iran-Iraq Joint Chamber of Commerce Yahya Al-e Es’haq announced on Saturday that Baghdad has released $2.7 billion worth of Iranian funds in gas export money frozen due to the US sanctions.
Economy

Iran’s economy grew by 4.7% in fourth quarter of 2022: World Bank

IFP Media Wire -
Figures released by the World Bank show that Iran's economy grew by 4.7 percent in the fourth quarter of 2022, standing at 15th place in the globe in terms of economic growth.
Agriculture

Activist: Iran risks losing position in global pistachio market to US

IFP Editorial Staff -
An economic activist warns that the challenges facing Iran’s pistachio production could lead to make the country lose its position on the global market to the United States and other rivals.
Economy

World Bank projects 2.2% economic growth for Iran despite sanctions

IFP Media Wire -
The World Bank (WB) has predicted that Iran’s economy will register a 2.2 percent growth in 2023 in spite of tough US sanctions.
Middle East

Saudi Arabia says to slash oil output by 1 million barrels a day from July

IFP Media Wire -
Saudi Arabia announced the decision to expand voluntary cuts to its crude oil output from July in a bid to help efforts to reinforce global oil prices. The rest of the OPEC+ oil producers have already agreed to extend earlier cuts in supply through the end of 2024.
Transportation

Baku’s Heydar Aliyev Airport rejects reports on suspension of flights to Tehran

IFP Editorial Staff -
The Heydar Aliyev Airport in the Azerbaijani capital of Baku has rejected reports that said all flights to Tehran were suspended without prior notice.
Finance

Iran’s Central Bank governor meets IMF chief in Washington

Mahdi Arman -
The governor of the Central Bank of Iran (CBI) holds a meeting with the managing-director of the International Monetary Fund (IMF), Kristalina Georgieva, in Washington for talks on ways to expand bilateral interactions and cooperation.
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