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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

2nd oil field in Iran’s Fars Province goes on stream

IFP Editorial Staff -
The National Iranian Oil Company (NIOC) says the second oil field in the country’s southwestern Fars Province has officially gone on stream, with an initial production capacity of 9,000 barrels of crude per day.
Energy

Oil minister: Iranian gas condensate exports tripled in recent months

IFP Editorial Staff -
Iran’s Oil Minister Javad Oji says the country’s gas condensate exports have tripled in recent months.
Economy

Iran’s steel exports surpass 6.4 million tonnes in 11 months

IFP Editorial Staff -
Iran exported upwards of 6.4 million tonnes of steel and steel products in the eleven months to late February 2022, registering a 9%-rise year on year.
Economy

‘Clandestine finance system helped Iran withstand US sanctions crush’

IFP Media Wire -
Iran established a clandestine banking and finance system to handle tens of billions of dollars in annual trade banned under US-led sanctions, according to Western diplomats, intelligence officials and documents. 'It enabled Tehran to endure the economic siege، giving it leverage in multilateral nuclear negotiations'.
Energy

Iranian oil minister: 100% of oil revenues returning; exports increased 4-fold

IFP Editorial Staff -
Iranian Oil Minister Javad Oji says Iran has received 100% of its oil revenues and sold crude to countries the US did not even imagine.
Energy

Iran launches new refinery row of South Pars gas field

IFP Editorial Staff -
The CEO of the National Iranian Oil Company says the first refinery row of the phase 14 of the South Pars gas project in the Persian Gulf has become operational.
Economy

Armenian attaché invites Iranians to take part in his country’s tenders

IFP Editorial Staff -
Armenia’s economic attaché in Iran has invited Iranian businesspeople to participate in his country’s international tenders.
Industry

Giant Iranian automaker unveils first electric bus

IFP Editorial Staff -
Iranian automaker Iran Khodro Company (IKCO) has unveiled its first electric bus, the most powerful vehicle of its type to have been developed domestically.
Economy

Iran exports to SCO members increases 41 percent

IFP Editorial Staff -
The spokesman for Iran’s Customs Organization says in the first 11 months of this Persian year, the country and the Shanghai Cooperation Organization traded over 48.9 million tons of goods worth more than 32.7 billion dollars.
Economy

Officials: Iran-Turkmenistan trade growing

IFP Editorial Staff -
The amount of commodities exported by rail to Turkmenistan via the border in the northeastern Iranian province of Khorasan Razavi has crossed 1.7 million tonnes since March, 2021.
Transportation

Azeri president welcomes Iran involvement In local motorway

IFP Editorial Staff -
The president of the Republic of Azerbaijan says the memorandum of understanding to build a road linking the Nakhjavan region to the western parts of Azerbaijan through Iranian soil is a manifestation of friendly ties.
Energy

NIOC: Iran ready to supply global market with as much oil as it needs

IFP Editorial Staff -
The National Iranian Oil Company (NIOC) voices the country’s readiness to supply oil to the global market “at a maximum level,” saying Iran’s potential return to the market could effectively help stabilize soaring crude prices.
Energy

Iran’s collection of oil and gas revenues increases 2.5 times

IFP Editorial Staff -
Iran’s oil minister has said in the current Persian year, the collection of revenues from selling oil and condensate, petroleum products, petrochemical products and net exported gas increased 2.5 times while as for gas, this figure has reached 3.5 to 4 times.
Economy

Historic growth in Iran’s foreign trade

IFP Editorial Staff -
Official figures show Iran's foreign trade increased by 50% in January and February of this year.
Energy

‘Removal of oil sanctions no concession to Iran amid soaring crude prices’

IFP Editorial Staff -
Iran’s Keyhan newspaper has published an opinion piece arguing that the removal of U.S. sanctions against Iran’s oil sector must no longer be regarded as a concession to Iran because this is what America needs right now given soaring energy prices amid the Ukraine crisis.
Economy

Iraq’s Soleimanieh governor invites Iranians to invest in regional projects

IFP Editorial Staff -
The governor of Iraq’s Soleimanieh province has invited Iranian investors to participate in 264 projects in the autonomous region in northernIraq.
Transportation

Tehran-Baku flights resume after two years

IFP Editorial Staff -
The Public Relations Office of the Islamic Republic of Iran Airlines "Homa" has announced the resumption of its international flights to Baku from March 7 (Monday).
Energy

Oil ministry signed investment contracts worth $15.6bn in 6 months

IFP Editorial Staff -
Iranian Oil Minister Javad Owji says the ministry has signed investment agreements worth 15.6 billion dollars in the past six months.
Transportation

Russia’s Aeroflot suspending flights to Tehran as of Tuesday

IFP Editorial Staff -
The Russian embassy in Tehran has declared that Russia’s flagship airline Aeroflot is suspending all flights to Tehran until the end of April.
Economy

“Iran’s exports to Iraq to reach over $9 billion by year’s end”

IFP Editorial Staff -
The chairman of the Iran-Iraq Joint Chamber of Commerce says in the first 11 months of this Persian year, the value of Iran's exports to Iraq reached $8.2 billion, and exports to the country are expected to exceed $9 billion by the end of the year.
Energy

Iran storing fuel for future export as energy crisis looms over Europe: Official

IFP Editorial Staff -
Iran is storing fuel for future export ahead of expected hikes in energy prices as a result of the Russia-Ukraine conflict, an Iranian official says.
Economy

Iranian Parliament votes to eliminate subsidized exchange rate: Report

IFP Editorial Staff -
Iranian lawmakers have voted to eliminate the official subsidized exchange rate of 42,000 rials to one US dollar, a report says.
Energy

Leader calls for development of clean energies, protection of environment

IFP Editorial Staff -
Leader of Iran’s Islamic Revolution Ayatollah Seyed Ali Khamenei has called for the necessity of developing clean energy resources.
Views

Analyst: Sanctions on Russia cannot be maintained

IFP Editorial Staff -
An Iranian economic analyst says western governments cannot maintain their sanctions against Russia as Europe is the destination for 55 percent of Russian exports and keeping the bans in place will lead to a surge in inflation and recession and ultimately social discontent in the continent.
Economy

Iran, Armenia agree to reduce transit duty

IFP Editorial Staff -
Iran and Armenia have agreed to reduce transit duty and jointly manufacture medicines and home appliances.
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