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

Iran stands firm on Arash gas field share in Persian Gulf

IFP Editorial Staff -
Iran’s oil minister, Mohammad Javad Owji reaffirmed Tehran’s commitment to its share in the Arash gas field in the Persian Gulf, vowing not to exceed the agreed-upon production levels.
Economy

Iranian VP urges G77+China members to join hands, tackle challenges through technology

Golrokh Askarieh -
Iranian Vice President for Science, Technology and Knowledge-based Economy Rouhollah Dehghani, who is in the Cuban capital Havana to take part in the G77+China Summit, called on the nations of the global south for further cooperation to move beyond selling raw materials and resources by shifting towards digital economy.
Energy

Tehran says capable of retaliating in kind against US over stealing Iranian oil cargo

IFP Editorial Staff -
Iran’s defense minister says the country is capable of acting in kind in response to the United States’ stealing of its crude oil.
Finance

US says Iran’s blocked funds to be transferred to Qatar ‘in coming days’

IFP Media Wire -
US State Department spokesperson Matthew Miller has stated that Iran's frozen assets will expectedly be transferred to the "final destination" in Qatar in the "coming days or so".
Energy

Iran oil prices rose by an average of $6.1 per barrel in August: OPEC

IFP Media Wire -
Latest figures by the Organization of Petroleum Exporting Countries (OPEC) show Iranian oil prices rose by an average of $6.1 per barrel in August.
Finance

President Raisi says Iran has authority on released assets

IFP Media Wire -
Iranian President Ebrahim Raeisi has stressed Tehran’s full authority on its recently-unblocked funds, saying it is the Islamic Republic that decides how to spend the funds and that the money will be spent "wherever we need it."
Americas

US issues sanctions waiver to allow transfer of Iran’s frozen funds abroad

IFP Media Wire -
The Biden administration has issued a blanket waiver for international banks to transfer six billion dollars in blocked Iranian assets from South Korea to Qatar with no concern about Washington's sanctions.
Energy

Iran’s oil exports to China hit all-time record in August: Report

IFP Media Wire -
Iran’s exports of oil to China hit a historic record in August despite Washington pressure on Tehran, according to a report published in the local media citing data from a major international energy data company.
Finance

Russia’s largest lender launches new service in Iran

IFP Media Wire -
Russia’s largest lender Sber is offering a new service that allows its clients to transfer money to Iran, the bank announced on Thursday.
Energy

Saudi Arabia, Russia extend oil supply cuts

IFP Media Wire -
Oil prices hit a new high for the year so far after Saudi Arabia and Russia — the world’s biggest crude exporters — announced they would extend output cuts by at least another three months.
Foreign Policy

Releasing Iran’s assets in South Korea opens new chapter in bilateral ties: FM

IFP Media Wire -
Iran's Foreign Minister Hossein Amirabdollahian has stated that a recent agreement reached to unblock the country’s frozen funds in South Korea will open a new chapter in the two country’s relations.
Economy

Iran exported over 3mn metric tons of food products in 5 months: Report

IFP Media Wire -
Iran has exported more than three million metric tons of food products in the first five months of the current Iranian calendar year (March 21-August 22), which shows a 19% increase in value compared to the same period last year, according to a report.
Transportation

Russian-made combat-training Yak-30 jets apparently in Iran

IFP Editorial Staff -
Images have been posted on the cyberspace suggesting the Russian-made Yak-30 combat-training aircraft has been imported into the country and joined the Air Force.
Transportation

Iran, Iraq launch construction of joint Shalamcheh-Basra railway project

IFP Media Wire -
Iran’s First Vice President Mohammad Mokhber and Iraqi Prime Minister Mohammed Shia’ al-Sudani have laid the foundation stone for the cross-border railway line connecting the two neighboring countries.
Energy

Iran’s oil output, exports jump despite US sanctions

IFP Media Wire -
Iran's oil output and exports rose in August despite US sanctions, consultants and companies that track tanker shipments have confirmed.
Foreign Policy

Iran, Russia ink deal on standardization of traded goods

IFP Media Wire -
Iran and Russia have signed a five-year cooperation agreement on the standardization of products traded between the two countries, in particular non-industrial goods and halal products, the Iranian Embassy in Russia has announced.
Views

Iran ex-diplomat: Economic development, military might should be in tandem

IFP Editorial Staff -
A former Iranian diplomat has warned government officials of the consequences of ignoring economic development at home while pushing for the defense and military agenda.
Foreign Policy

Iran FM urges final agreement with India over Chabahar Port

IFP Editorial Staff -
Iranian Foreign Minister Hossein Amirabdollahian has called for a final agreement with India for implementing the Chabahar Port project, in southeast of Iran.
Finance

Massive embezzlement scheme uncovered in Tehran state bank, preventing huge losses

IFP Editorial Staff -
In a shocking revelation, the Prosecutor of Tehran has announced the investigation into a major embezzlement case involving a staggering amount of 29 thousand billion rials in one of Tehran's state banks.
Finance

Iran says has no more blocked assets in any country

IFP Media Wire -
Iranian Foreign Minister Hossein Amirabdollahian has stated that Tehran has no more funds frozen in any country due to the US sanctions and that Tehran can now utilize its own assets.
Energy

Iran president inaugurates gas production at Phase 11 of South Pars field, Persian Gulf

IFP Editorial Staff -
Iran officially resumed gas production at Phase 11 of South Pars, the world's largest gas field in the Persian Gulf, after a 20-year delay in a ceremony on Monday attended by President Ebrahim Raisi.
Persian Gulf

Disputed gas field with Kuwait can be settled through peaceful means: Iranian diplomat

IFP Media Wire -
Iran believes a dispute with neighboring Kuwait surrounding a gas field in the Persian Gulf is not a big problem as Ali Asghar Khaji, a senior aide to the Iranian foreign minister says, adding the issue can be resolved given the good relations between the two countries.
Energy

Minister: 33 oil projects made operating in Iran with a $12bn investment

IFP Editorial Staff -
Iranian Oil Minister Javad Oji says since the start of the current administration in Iran two years ago, 33 half-completed projects have been inaugurated using a $12 billion investment. 
Energy

“Iran Oil ministry increases output, completes projects”

IFP Media Wire -
Iran’s Oil Minister Javad Owji has said increasing investment, completing semi-finished oil projects, and boosting oil, gas volume, refining and rising petrochemical outputs have been the most important measures taken by his ministry since two years ago when the administration of President Ebrahim Raisi assumed office.
Energy

Iran’s oil exports hit 2.2 million bpd despite US sanctions: Report

IFP Media Wire -
Iranian oil exports are surging in August, swelling global flows at a time when other producers are cutting back, Bloomberg has reported citing a firm that monitors satellite imagery of individual tankers. The data shows the country's oil exports have reached levels that were not even seen before Iran came under US sanctions in 2018.
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