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.
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.
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.
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.
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.
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.
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.
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.
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.
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.”
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.
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.
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.
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.
The trade conference of Iran and Iraq’s Kurdistan region was held on Monday, July 4, 2022, at Sulaymaniyah’s Titanic Hotel with the participation of 33 Iranian knowledge-based companies and over 100 companies and merchants from the Kurdistan region.
Official data show the value of trade between Iran and Turkey increased by 39 percent to $2.7 billion in the first five months of 2022, up from $1.9 billion during the same period a year earlier.
The Iranian Customs Organization’s spokesman has said non-oil trade between the country and neighbors in the first quarter of this Persian year was $12.36bn. Seyyed Ruhollah Latifi added that neighbors accounted for 51 percent of Iran’s total exports.
A report released by the Organization of Petroleum Exporting Countries (OPEC) shows Iran has earned more than $25 billion in revenue from oil exports in 2021.
Iranian Deputy Foreign Minister for Economic Diplomacy says the north-south corridor toward Russia has been launched and following a visit by Russian and Kazakh delegations to the Islamic Republic, oil swap deals were revived.
