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.

Economy

Kremlin: Russia and Iran to ditch dollar in trades

IFP Media Wire -
Kremlin Spokesperson Dmitry Peskov announced on Monday that Moscow and Tehran would gradually abandon the use of the dollar in bilateral relations.
Energy

Iranian deputy FM: Iran has launched refineries in foreign countries

IFP Editorial Staff -
Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari says Iran has launched refineries in three countries for the purpose of making its oil operational.
Economy

Iran’s non-oil trade with SCO surges by 29%

IFP Editorial Staff -
Iran’s non-oil trade volume with permanent and observer member states of the Shanghai Cooperation Organization (SCO) has increased by 29 percent in the second quarter of 2022 compared to the same period last year, the spokesperson for Iran’s Customs Administration says.
Energy

Iran to increase petrochemical production capacity by 54%

IFP Editorial Staff -
Iran is implementing propelling plans to step up its petrochemical production capacity during the administration of President Ebrahim Raisi’s tenure by 54 percent, according to IRNA.
Economy

Iran sets $200bn target for trade with neighbors

IFP Editorial Staff -
Iranian parliament speaker says the Islamic Republic has the capacity to increase its trade exchange with its neighboring countries to 216 billion dollars a year and sounded upbeat to hit the target despite sanctions.
Economy

Mission: Iran to become full member of Shanghai Cooperation Organization

IFP Editorial Staff -
Iran will obtain full membership of the Shanghai Cooperation Organization in September and will officially become the ninth member state of the alliance in 2023, according to the Islamic Republic’s Embassy in China.
Foreign Policy

Iranian FM says Italy’s private sector interested in cooperation with Iran peers

IFP Media Wire -
Iranian Foreign Minister Hossein Amirabdollahian has said the Italian private sector is interested in collaborating with the Iranian side.
Transportation

Russia’s first transit train enters Iran to cross into India

IFP Editorial Staff -
The first Russian train carrying containers of goods has been allowed to enter Iran en route to India.
Foreign Policy

Italy’s FM: Italian companies willing to do business in Iran

IFP Editorial Staff -
The Italian foreign minister says Italian companies are willing to continue their business in Iran, voicing Rome’s readiness to further expand ties with Iran in various fields.
Energy

Iran ministry: Strong oil sales cut budget deficit

IFP Editorial Staff -
The Iranian oil ministry says despite sanctions imposed by the United States, Iran’s crude sales have remained so high that the budget deficit for the current fiscal year has been eliminated.
Transportation

Official: Qatar can use Iran’s air capacity during World Cup finals

IFP Editorial Staff -
A spokesperson of Iran’s aviation organization says following the visit of the director of Qatar’s aviation organization to Tehran, the two sides signed an agreement for bilateral cooperation during World Cup 2022.
Agriculture

FAO predicts 13.5% rise in Iran’s production of cereals in 2022

IFP Editorial Staff -
The Food and Agriculture Organization of the United Nations (FAO) has predicted a 13.5-percent rise in Iran’s production of cereals in 2022, which is expected to reach 20.3 million tons.
Finance

Iran, Russia resolved to eliminate US dollar from bilateral transactions

IFP Editorial Staff -
The governor of the Central Bank of Iran (CBI) says the Islamic Republic and Russia have explored ways, in recent talks, to eliminate the US dollar from their financial transactions in order to facilitate economic cooperation under sanctions.
Finance

Iran, Russia agree to bolster financial, banking cooperation

IFP Editorial Staff -
Iran and Russia have reached an agreement on working to expand their financial and banking cooperation and remove the obstacles in the way of their ties under tough American sanctions.
Energy

Report: Gas production rise in Iran offsets decrease in global oil market share

IFP Editorial Staff -
Iran produced 250 billion cubic meters of gas in 2020, which accounts for 6 percent of the global share and makes up for the loss of its share in the oil market due to sanctions, according to a repot by IRNA.
Economy

Iran eyes improved marine transportation capacity in road to becoming regional transit hub

IFP Editorial Staff -
Deputy Iranian Minister of Roads and Urban Development says an increase in the number of marine transportation fleet in the northern and southern waters is expected to lead to considerable rise in trade with neighboring countries.
Views

Analyst: Revival of nuclear deal cuts Iran inflation by 50%+

IFP Editorial Staff -
An Iranian money and banking expert says an agreement on revival of the 2015 nuclear deal is likely to cut the national inflation by 50 percent.
Energy

Minister: Azadegan oil field’s development to generate $115bn in revenue for Iran

IFP Editorial Staff -
The Iranian oil minister says the development of the southwestern Azadegan oil field will generate an income of some $115 billion for the country as well as 24,000 jobs for people.
Economy

Iranian daily belittles Raisi administration for boasting of ‘small-time trade with region’

IFP Editorial Staff -
An Iranian daily has criticized the President Ebrahim Raisi administration for boasting of a policy of economic engagement with regional countries, which “accounts for merely six percent of the world economy.”
Energy

OPEC secretary general dies at 63

IFP Media Wire -
Mohammed Barkindo, the secretary general of OPEC, the powerful cartel of oil-producing countries, has passed away at the age of 63.
Energy

President Raisi attends signing ceremony for investment in major oil field

IFP Editorial Staff -
Iranian President Ebrahim Raisi says the signing of a memorandum of understanding to invest $7bn in the South Azadegan oil field, in the Persian Gulf, is an example of mobilization of domestic capabilities.
Economy

“Iran and Russia agree on transit of 10mn tons of goods via Iranian territory”

IFP Editorial Staff -
Iran’s deputy minister of roads and urban development says the country and Russia have reached an agreement on the details of carrying 10 million tons of goods from Russia via the north-south corridor of the Islamic Republic.
Science and Technology

Iran’s Center of Commerce and House of Innovation and Technology inaugurated in Sulaymaniyah

Seyedeh Maryam Hosseini Lahijani -
 Iran’s Center of Commerce and House of Innovation and Technology was launched in Sulaymaniyah before noon on Tuesday, July 5, 2022, in a ceremony attended by Iranian and Iraqi Kurdish officials as well as representatives of the private sectors of the two sides.
Economy

Thanks to trade diplomacy, Iran’s exports rise across board

IFP Editorial Staff -
Official figures show Iran’s exports to neighbors and beyond grew last year despite harsh US sanctions on the country.
Energy

Major Iranian oil field to become operational with $7bn in domestic investment

IFP Editorial Staff -
Iran’s oil minister says the project for development of Azadegan joint oil field in the Persian Gulf, will become operational with a 7-billion-dollar funding by a consortium of mostly private sector investors.
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