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.
Greece’s Supreme Court has voted to uphold an appeals ruling in favor of Iran against the confiscation in April of an oil shipment, which later was handed over the US in what Tehran slammed as a blatant act of piracy.
Iran and Russia will definitely remove the dollar from their bilateral transactions, the Iranian minister of economy has confirmed, adding that talks are underway with other countries to continue the de-dollarization process.
The Chinese ambassador to Iran says the Islamic Republic can play a major role in Beijing’s Belt & Road initiative, a hundreds of billions of dollar project aimed at reviving the ancient Silk Road trade route.
World Steel Association declared in its latest report that steel production in Iran in June 2022 decreased by 10.5% compared to the same period in 2021.
The CEO of the National Iranian Oil Company has said $25 billion out of the $40 billion agreement with Russia’s Gazprom is for the development of Iran’s gas fields and the completion of the LNG project and $15 billion for the development of 6 oil fields in Iran.
Iran and Russia have prepared the ground to do away with the dollar in their bilateral trade and cushion their economies against ‘unjust’ US-speared Western embargoes, the governor of Iran’s Central Bank says.
Iran’s move to launch trading in the Iranian rial-Russian ruble in its foreign exchange market can further bolster its economic relations with Russia and diminish other foreign currencies’ role in the Iranian market, according to the governor of the Central Bank of Iran (CBI).
Iran’s national oil company and Russia’s energy giant, Gazprom, have signed a major memorandum of understanding worth billions of dollars for a joint investment in oil and gas projects, despite sanctions on both countries.
The CEO of the National Iranian Oil Company has said the signing of strategic cooperation agreement between Iran and Russia is the biggest investment deal in the history of Iranian oil industry.
Iran, as the top producer of electricity in West Asia, is planning on signing long-term agreements in the electricity sector as part of its active diplomacy in the region, the Iranian energy minister says.
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.
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.
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.
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.
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.
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.
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.
