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Seoul concerned about condensate supplies amid looming Iran sanctions

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Seoul:South Korea is seeking a sanctions waiver from the US to continue importing Iranian condensate, saying that it is hard to find alternative sources due to limited suppliers, a government official said Friday. South Korea and the US held two rounds of consultations in June and July, and the two sides are likely to meet again for negotiations, according to ... Read More »

Iranian crude imports halve to 5.78 mil barrels in July:South Korea

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Iran:South Korea’s crude oil imports from Iran halved in July from a year earlier in the wake of the re imposition of US sanctions, according to preliminary data released by the Korea Customs Service Thursday. The country imported 788,651 mt (5.78 million barrels or 186,452 b/d) of Iranian crude, including condensate, in July, down 49.5% from 11.44 million barrels in ... Read More »

Iran lifts ban, allows exchange offices to resume working

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TEHRAN, Iran: Iran’s Central Bank has allowed money exchange offices to resume work after a ban imposed in March amid the country’s economic troubles. The bank’s governor, Abdolnasser Hemmati, told state TV late on Sunday that “money exchangers are allowed to sell and buy foreign currencies” once again. He also said that legal institutions and businesses will again be allowed ... Read More »

Duerr halts Iran business over sanctions, report says

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FRANKFURT:German supplier Duerr has halted its activities in Iran after the reintroduction of U.S. sanctions this week that include threats to blacklist any companies trading with the Islamic republic, Germany’s Boersen-Zeitung reported. “Business in Iran has grown over the past year. Now we have stopped our activities for the time being,” Duerr Chief Financial Officer Carlo Crosetto was quoted as ... Read More »

Switzerland recommends firms continue Iran activity

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The Swiss government has promised to defend the economic interests of its companies that are active in Iran and would be targeted by renewed US sanctions, recommending that they go on with their business in the Islamic Republic. The government recommends that companies pursue their commercial relations with Iran and inform themselves about the situation,” said Fabian Maienfisch of the ... Read More »

Oil steady as concerns over Iran sanctions offset weak Chinese imports

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Iran:Oil prices steadied on Wednesday despite relatively weak Chinese import data as the market remained supported by falling U.S. crude inventories and the introduction of sanctions against Iran. China’s crude imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country’s smaller ... Read More »

Iran’s cement export hits over $159.3mn in Q1

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The figures show one percent decline as compared to the same period last year, but no difference in terms of weight. Meanwhile, 12,786 tons of cement was imported in the same period, showing a considerable 106 percent growth as compared to the last year’s corresponding period. IRICA also put the cement import value in the first quarter of the current ... Read More »

Iran-Pakistan trade on upward trend: trade activist

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ISLAMABAD:President of Iran-Pakistan Federation of Culture and Trade, Khawaja Habib Ur Rehman said that Iran-Pakistan trade is on an upward trend and bilateral trade volume has reached $1.3 billion from $600 billion over past three years. He said that trade between the two countries would further improve as there are vast opportunities available to enhance bilateral trade ties. Khawaja Habib ... Read More »

Pompeo talks tough on Iran while visiting the Emirates

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ABU DHABI:United Arab Emirates (AP) — U.S. Secretary of State Mike Pompeo said on Tuesday that America and its Gulf Arab allies want to show Iran that its actions have “a real high cost,” stepping up his warnings after Tehran threatened to disrupt Mideast oil supplies. Pompeo’s comments came during a short trip to the United Arab Emirates, a staunch ... Read More »

Iran replaces central bank chief as economy faces crisis

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TEHRAN: Iran replaced its central bank chief on Wednesday, local media reported, amid fallout over banking scandals and the crisis facing the country’s economy. Valiollah Seif, who had served as the bank’s governor since President Hassan Rouhani took power in August 2013, was replaced by Abdolnasser Hemati following a cabinet meeting, according to the official IRNA news agency. Hemati, 61, ... Read More »

Renault Likely to Pull Out of Iran Because of U.S. Sanctions

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Renault SA is shaping up to be the latest European company to fall victim to Donald Trump’s renewed sanctions on Iran — even if it doesn’t sell cars in the U.S.. Iran operations are likely to be put on hold to comply with U.S. sanctions, Renault Chief Operating Officer Thierry Bollore told analysts during a conference call about earnings Friday. ... Read More »

ICCS to allocate foreign currency at official rate for imports

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TEHRAN:According the latest decision of officials from Iranian ministries of industry, agriculture, and health besides the Central Bank of Iran (CBI) and Islamic Republic of Iran Customs Administration (IRICA), the Integrated Comprehensive Customs System (ICCS) would be utilized as the reference for pricing goods to be imported and allocation of foreign currency at official rate to import them. As IRIB ... Read More »

Export of iron ore tops $5bn in five years

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Iran : Statistics show that over $1.1 billion worth of iron ore has been exported from the country annually on average. According to the Islamic Republic of Iran Customs Administration (IRICA), it shows that $1,072,000,000 worth of iron ore was exported in the country in the past Iranian calendar year (ended March 20, 2018), showing more than 31.1 percent growth ... Read More »

Turkish Company To Continue Iran Oil Imports

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TEHRAN:In the first four months of 2018, Tupras, Turkey s largest refiner, bought an average of 187,196 barrels per day of Iranian oil, data from Turkey s energy watchdog EPDK showed, Reuters reported. In April alone, Tupras imported eight cargoes – equivalent to just over 240,000 bpd – from the OPEC member. Read More »

Iran customs uses electronic TIR system for first time in world

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TEHRAN: An Iranian customs official has said that the Islamic Republic of Iran Customs Administration (IRICA) put into operation the electronic TIR system for the first time in the world. Hossein Kakhki, Director General of Customs International Cooperation Department told Iranian Radio Eghtesad on Friday that TIR carnets paper version was previously used but its electronic version is now successfully ... Read More »

Iran bans imports of foreign handicrafts

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Iran :The import suspension of non-Iranian handicrafts has been declared to the Iran Customs Administration, the Cultural Heritage, Handicrafts and Tourism Organization deputy director Pouya Mahmoudian said on Tuesday. “Supplying foreign handicrafts such as Turkish, Chinese, and Indian ones to the Iranian market has always been one of the main concerns and challenges for the country’s handicraft producers and exporters.” ... Read More »

Oil import from Iran: India, US hold crucial talks

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Iran : A high-level delegation from the US today held crucial talks with Foreign Secretary Vijay Gokhale over the US sanctions on import of Iranian oil + amid indications that Washington may offer exemption to some countries from the restrictions. The delegation led by assistant secretary for terrorist financing Marshall Billingslea also held separate talks with top officials of the ... Read More »

Iran’s imports from Russia doubled in Q1

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TEHRAN: Latest statistics show that Iran’s imports and exports from/to Russia experienced a considerable 205 and 40 percent growth in the first three months of the current Iranian fiscal year (March 21-June 21). According to the Islamic Republic of Iran Customs Administration (IRICA), Russia took the 8th and 18th ranks in terms of imports and exports respectively among 100 countries ... Read More »

Iran announces ban on export of certain agro products

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Iran : The Iranian government has banned the export of 18 agricultural products, according to the country’s Customs Administration. According to a directive issued by Ali Akbar Shadmani, an official with the Islamic Republic of Iran Customs Administration, the export of 18 agricultural products have been banned until further notice, IRIB news agency reported on July 7. The banned products ... Read More »

Iranian, Pakistani customs administrations electronically connected

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Iran : Iran sent its first export cargo to Pakistan on Tuesday through Mirjaveh Customs Terminal in eastern country with e-TIR system, IRNA reported. E-TIR system allows the two countries to have access to all related information at any time, and view the information of the cargo before delivery which is useful for both sides and decreases the risk of ... Read More »