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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

Iranian oil minister: Oil output raised to 3.6mn. bpd

IFP Media Wire -
Iran’s Oil Minister Javad Owji says the country’s outgoing administration has managed to increase crude production to 3.6 million barrels per day.
Finance

Official: De-dollarization, Rial’s immunity from sanctions in Iran-Russia monetary agreement

IFP Editorial Staff -
The Deputy for International Affairs at the Central Bank of Iran (CBI) detailed the monetary agreement between Iran and Russia aimed at achieving de-dollarization, stating that this move pushes the Iranian Rial towards being unsanctionable.
Views

Iranian Daily: Complying with FATF most daunting challenge for President-Elect Pezeshkian

IFP Editorial Staff -
The first and foremost challenge for Iran’s newly elected reformist President Massoud Pezeshkian is to fall into steps with the directives of the Financial Action Task Force (FATF) watchdog in order to reap its economic interests, a newspaper argues.
Finance

Official: Iranians can withdraw money from Russian ATMs with bank cards

Mahdi Arman -
Iran’s Central Bank governor says from late August, Iranians can withdraw money from Russian ATMs with Iranian bank cards.
Economy

Iran’s currency strengthens after Pezeshkian wins presidential election

IFP Media Wire -
Iran’s national currency, the rial, is still in the doldrums having lost considerable value since last year – but it regained some lost ground at market open on Saturday. It comes after Reformist candidate Masoud Pezeshkian won Iran's presidential election, securing 53.3% of the votes and defeating his principlist rival Saeed Jalili
Finance

Iran’s Central Bank chief proposes FATF-like institution for BRICS

Mahdi Arman -
In a forward-looking proposal, Governor of the Central Bank of Iran Mohammad Reza Farzin suggested the establishment of an institution akin to the Financial Action Task Force (FATF) among BRICS nations.
Foreign Policy

Acting president calls on SCO to conduct transaction through Iran

IFP Editorial Staff -
Iran’s caretaker President Mohammad Mokhber says the Shanghai Cooperating Organization (SCO) member states can carry out trade transactions faster and at a lower cost through the North-South Corridor and the southern ports of Iran.
Energy

Iran and Turkmenistan sign gas swap deal to supply Turkmen gas to Iraq

IFP Editorial Staff -
Iran and Turkmenistan signed a gas swap agreement that will transfer Turkmen gas to Iraq through Iran.
Energy

Iran 4th largest OPEC oil exporter: Report

IFP Media Wire -
Tehran has become the fourth largest oil exporter within the Organization of the Petroleum Exporting Countries (OPEC) due to a surge in oil production and sales, according to a report.
Economy

“Next Iran president should seek experts’ opinions on FATF”

IFP Editorial Staff -
In a recent statement, Ali Akbar Salehi, Iran's former Head of the Atomic Energy Organization, emphasized that whoever assumes the Iranian presidency will certainly have to seek the advice of experts on Iran's decision to join the Financial Action Task Force (FATF). 
Energy

Eurostat says Turkey resumed oil imports from Iran after 4 years

IFP Media Wire -
Figures by the European Union’s statistics agency, Eurostat, have shown that Ankara resumed importing oil from Tehran in March 2024 nearly four years after it cut shipments to zero to comply with US sanctions on Iran.
Energy

EI data finds Iran had 2nd largest growth in oil production in 2023

IFP Media Wire -
Figures by a major energy data agency indicate that Iran had the second largest growth in oil production in the world in 2023 despite continued pressure from the US sanctions on its oil exports.
Energy

Iran ranks 7th in electricity generation in world

IFP Editorial Staff -
Iran’s minister of energy says the country has experienced a leap in electricity production, citing a recently released report by Energy Institute (EI) on the surge in energy production in different countries.
Energy

Iran says Tehran-Moscow MoU on gas transfer to serve bilateral ties, regional interests

IFP Media Wire -
A memorandum of understanding (MoU) signed between Tehran and Moscow on potential transfer of Russian gas to Iran would help boost bilateral ties and serve the interests of the two sides and the region, Acting Iranian President Mohammad Mokhber has stated.
Energy

Iran and Russia sign strategic partnership deal for gas

IFP Editorial Staff -
Iran and Russia sign a strategic energy deal to transfer Russian gas to the Islamic Republic.
Agriculture

FAO expects further increase in Iran’s grain output in 2024

IFP Media Wire -
The United Nations Food and Agriculture Organization (FAO) has forecasted a further increase in Iran’s grain output this year amid endeavours by Tehran to rely more on domestic farming rather than imports.
Energy

Iran minister says oil production surged by 1.4mn barrels in current administration

IFP Editorial Staff -
Iran’s crude production increased by 1.4 million barrels per day during the late President Ebrahim Raisi’s administration despite over 600 new sanctions imposed by the West on exports, the country’s oil minister says.
Energy

Iran signs contracts worth $2bn to develop oil industry

IFP Editorial Staff -
Iran’s Ministry of Petroleum has signed four new contracts worth over 2 billion dollars with the private sector to develop its oil and gas fields.
Energy

Iranian oil min.: Tehran-Moscow ties will continue growing 

IFP Editorial Staff -
Iran's Oil Minister Javad Owji says Tehran will continue the policies of late president Ebrahim Raisi including in the energy sector.
Foreign Policy

President Raisi: Deep bond between Iran, Azerbaijan unbreakable

IFP Editorial Staff -
Iranian President Ebrahim Raisi says the deep historical, cultural and religious relations between Iran and the neighboring Republic of Azerbaijan are unbreakable.
Energy

Iran, Azerbaijan inaugurate Qiz Qalasi dam on Aras River

IFP Editorial Staff -
The Qiz Qalasi dam on the Aras River in northwestern Iran, tipped as the most important water project for Iran and the neighboring Republic of Azerbaijan, became operational on Sunday.
Energy

Iranian, Azerbaijani presidents to inaugurate dam on Aras River on Sunday

IFP Editorial Staff -
Iran’s President Ebrahim Raisi will jointly inaugurate with his Azerbaijani counterpart Ilham Aliyev a dam on the Aras River on Sunday.
Economy

Minister: Iranian knowledge-based companies’ exports surpassed $2.5bn dollars last year

IFP Editorial Staff -
Iran’s minister of finance and economy says the exports by the country’s knowledge-based firms hit the $2.5bn mark last year on the Iranian calendar that ended on March 20, 2024.
Energy

India downplays US sanction threat over Iran’s port contract

IFP Media Wire -
India’s Foreign Minister S. Jaishankar has downplayed US threat of sanctions after New Delhi signed a landmark contract with Tehran to operate the Chabahar Port in Iran, stressing the project will “benefit the entire region".
Energy

Foreign investors win bid to develop seven oil fields in Iran

IFP Editorial Staff -
Iran is pushing its policy to draw foreign investors in the oil sector by putting then on seven oil fields in the south of the country, the head of the National Iranian Oil Company (NIOC) says.
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