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.
Iranian President Ebrahim Raisi has forwarded to the Parliament a motion to appoint arbiters in a dispute with South Korea over frozen Iranian assets in the East Asian country.
A cargo of Iranian oil remains stranded off the United States coast because no one buys it despite the fact that Washington has authorized its unloading to ensure that buyers would not face penalties because “it is from a sanctioned country”, according to a report.
The deputy commander of Iran’s Islamic Revolution Guards Cords (IRGC) says the country will act in kind if the United States empties the cargo of an Iranian tanker that it has illegally seized to use or sell.
Figures by the Organisation of the Petroleum Exporting Countries (OPEC) shows that Iran’s natural gas production rose by 2% in 2022 despite sanctions imposed on the country’s energy sector.
Figures by the Organization of Petroleum Exporting Countries (OPEC) shows that Iranian oil export revenues rose by 67% last year despite continued pressure of US sanctions on Tehran.
Iranian foreign policy expert Seyyed Ali Hosseini says Iraqi officials are deliberately dragging their feet on the payment of their energy debt to Iran through hampering a mechanism that’s been created for this purpose.
Iran’s foreign debts were reduced to $6.282 billion in the last Persian calendar year (ended on March 20), showing a 27.6 percent decrease compared to a year before, according to a report by the Central Bank of Iran (CBI).
The United States has moved to let Iraq pay Iran for electricity via non-Iraqi banks, a US official said on Tuesday. Iraq owes billions of dollars to Iran for importing gas and electricity which has continued despite US sanctions, but Tehran has been unable to obtain its assets frozen in Iraqi banks under US pressure.
A report by the International Monetary Fund (IMF) says that the soaring inflation rates in Iran will fall significantly with an increase in demand for Iranian oil in major Asian economies and amid a gradual drop in consumer prices across the globe.
Iraqi Prime Minister Mohammed Shia al-Sudani says that Baghdad and Tehran have signed an agreement following several days of talks for "the import of Iranian gas to fuel Iraqi power plants, in exchange for Iraqi crude oil" in order to avoid falling foul of US sanctions.
Iraq's Minister of Electricity Ziad Ali Fadhil says Baghdad has fully paid its debt to Iran for energy purchases, but a number of banking issues caused by US sanctions are preventing the transfer of the sum of money to the Islamic Republic.
The Iranian Foreign Ministry spokesman has called for the demarcation and exploitation of the Arash gas field, falling in the neutral zone between Iran, Kuwait and Saudi Arabia in the Persian Gulf.
A spokesman for the Iraqi Electricity Ministry says that Iran has stopped gas exports to the country without prior notice while temperatures in Iraq have reached 51° Celsius.
The latest data released by the World Steel Association (WSA) show that Iran’s production of crude steel has accounted for 70% of the total output in the Middle East region during the first five months of the current year.
An Iranian lawmaker says the country will not back down on pursuing its right in the Arash natural gas field, which is shared with Kuwait and Saudi Arabia, amid a dispute between Tehran and its two Persian Gulf neighbors over the case.
Iranian Oil Minister Javad Owji and Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al Saud have explored the possibility of joint investments in oil and gas industry.
Iran’s Oil Minister Javad Owji says that the country has inked $40 billion worth of oil contracts with domestic and foreign companies over the past 20 months.
Iranian President Ebrahim Raisi has highlighted the long-term and positive impacts of Iran’s full membership in the Shanghai Cooperation Organization. He stated that Tehran’s membership in the SCO will have historical benefits. He made the remarks in an address to the 23rd SCO summit which was held via video conference.
