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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

Iranian oil minister says crude production has exceeded 3 million bpd

IFP Editorial Staff -
Iran’s Oil Minister Javad Owji says the country’s crude production under the administration of President Ebrahim Raisi has exceeded 3 million barrels per day over the past 20 months.
Economy

President Raisi says Iran, India determined to deepen economic ties

IFP Media Wire -
Iranian President Ebrahim Raisi, in a meeting with visiting Indian National Security Advisor Ajit Doval, said Tehran and New Delhi are seeking to expand bilateral relations, especially in the economic and commercial fields.
Finance

Iran calls for further expansion of trade in national currencies with India

IFP Media Wire -
Iran’s Secretary of the Supreme National Security Council (SNSC) Ali Shamkhani, in a meeting with Indian National Security Advisor Ajit Doval, has called for further use of the rial and rupee in bilateral trade transactions.
Energy

Oil prices fall on fears of US rate hike

IFP Media Wire -
Oil prices dropped on Monday as jitters over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data were enough to outweigh support from new OPEC+ supply cuts taking effect this month
Economy

Two major Chinese companies plan to invest in Iran’s Khuzestan: Envoy

IFP Editorial Staff -
Chinese Ambassador to Tehran Chang Hua says two major Chinese companies plan to invest in Khuzestan, in Iran’s oil-rich southwest.
Parliament

Parliament speaker says Iran expects Iraqi initiatives on repaying its debts

IFP Media Wire -
Iran’s Parliament Speaker Mohammad Baqer Qalibaf has called on the Iraqi government and parliament to take initiatives aimed at countering US sanctions that have made it difficult for Baghdad to repay its debts to Tehran.
Energy

Sources say US confiscated Iran oil cargo

IFP Media Wire -
The US has confiscated Iranian oil on a tanker at sea in recent days, three sources have confirned. It comes days later Iran seized an oil-laden tanker in retaliation, according to a maritime security firm.
Energy

Iranian president: Iran can be a pioneer in gas and oil industries

IFP Editorial Staff -
Iran’s President Ebrahim Raisi has said all countries are admitting that the Islamic Republic is now a pioneer in military and nuclear industries.
Middle East

Syria’s Assad calls for further strengthening of economic ties with Iran

IFP Media Wire -
Syrian President Bashar al-Assad has stressed the need for further promoting economic cooperation with Tehran, as he hosted Iran’s Minister of Road and Urban Development Mehrdad Bazrpash and his accompanying delegation in the capital Damascus.
Economy

Report: Iranian private sector’s constructive initiative to begin economic ties with Saudi Arabia

IFP Editorial Staff -
Head of Iran’s Chamber of Commerce, Industries and Mines has reportedly sent a letter to the chairman of the Federation of Saudi Chambers of Commerce, declaring the full readiness of the Iranian private sector to exchange commercial and economic delegations in areas of mutual interest and to hold joint trade exhibitions.
Economy

Minister: Iran and Saudi Arabia resume trade ties

IFP Editorial Staff -
Iran’s minister of industry, mines and trade says Tehran and Riyadh have started their trade ties after their recent agreement to normalize relations, adding the two neighbors have kicked off trade exchanges.
Energy

High-ranking Russian delegation to visit Iran, discuss economic, energy ties

IFP Editorial Staff -
An Iranian deputy oil minister says a high-ranking Russian delegation will visit Iran to discuss bilateral economic and energy ties.
Energy

Iran’s petrochemical industry projected to grow 3 tons in production

IFP Editorial Staff -
The CEO of the National Iranian Company of Petrochemical Industries has predicted a substantial increase in the capacity of the sector.
Agriculture

Canola fields turn gold as key oil plants flower in Arak, central Iran

IFP Editorial Staff -
One month into spring in Iran, the canola fields in the central city of Arak are shining bright.
Energy

3 EU states importing Iranian oil despite US sanctions: Report

IFP Media Wire -
Three European Union (EU) countries have imported oil from Iran in 2022 despite US sanctions that impose penalties on governments and entities involved in energy trade with Tehran.
Transportation

Saudi airline requests three weekly flights between Iran, Saudi Arabia: Minister

IFP Editorial Staff -
Iran’s minister of roads and urban development says Saudi Arabia has requested that three flights be scheduled weekly between Iran and Saudi Arabia.
Agriculture

FAO names Iran world’s third largest honey producer in 2022

IFP Media Wire -
Latest data by the United Nations Food and Agriculture Organization (FAO) shows that Iran was the third largest producer of honey in the world in 2022.
Energy

Iran, Venezuela oil ministers sign agreements to broaden energy ties

Mahdi Arman -
The Iranian and Venezuelan oil ministers have signed new agreements for broader cooperation in the energy sector, in the face of the draconian economic sanctions imposed on both countries by the US.
Foreign Policy

Beijing’s envoy: Iran oil sales to China on track despite sanctions

IFP Editorial Staff -
The Chinese ambassador to Tehran says the sales of Iranian oil to China is on track “without any problem,” despite the harsh US sanctions in place against the Islamic Republic’s energy sector.
Energy

OPEC figures show Iran’s oil output at 2.567 mln bpd in March

IFP Media Wire -
Figures by The Organization of the Petroleum Exporting Countries (OPEC) shows Iran’s oil output in March was almost unchanged from February.
Energy

IEA warns OPEC+ output cuts risk oil supply deficit, threaten economic recovery

IFP Media Wire -
The International Energy Agency (IEA) has warned that output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery.
Energy

Iran’s oil minister arrives Venezuela

IFP Media Wire -
Iranian Oil Minister Javad Owji is in Caracas, exploring ways of "strengthening relations and cooperation in the field of energy" between Iran and Venezuela.
Economy

China envoy: De-dollarization outcome of US economic coercion

IFP Editorial Staff -
The Chinese ambassador to Iran says the de-dollarization process, which has been gathering pace on the international stage, is the outcome of America’s use of its national currency as a tool to exert economic pressure on others.
Energy

Sources say Saudi Arabia to maintain crude supply in several Asian refiners despite OPEC+ cuts

IFP Media Wire -
Saudi oil giant Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter said on Monday.
Security

Iran security chief: Intl. efforts to sideline dollar gaining momentum

IFP Editorial Staff -
Iran’s security chief praises growing economic cooperation with Russia in the face of Western sanctions, saying international efforts to diminish the role of the US dollar in financial transactions have gathered pace.
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