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India, Iran working on rupee-rial facility for Chabahar port

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Iran : importance of Chabahar port project for both Iran and India, saying that the two countries were working out ways to sidestep the US sanctions. According to Islamic Republic News Agency (IRNA) on Sunday, the ‘Hindu business line’ noted, “India is weighing a rupee-rial payment mechanism for the Chabahar project in Iran as it weaves a way around the ... Read More »

Iran: Imports of Essential Goods Top $4.6 Billion

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Tehran:Over 9.13 million tons of essential goods worth $4.67 billion were imported into Iran during the first half of the current Iranian year (March 21-Sept. 22), accounting for 56% and 21% of the total imports in terms of weight and value respectively. According to the Islamic Republic of Iran Customs Administration, a total of 16.22 million tons of goods worth ... Read More »

Russia denounces new US sanctions on Iran businesses

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Tehran:Russian Deputy Foreign Minister Sergei Ryabkov has repudiated new US sanctions on Iran’s businesses, saying Washington appears to be taking every opportunity to exert pressure on countries it dislikes. The US Treasury Department on Tuesday slapped sanctions on Bank Mellat and Mehr Eqtesad Bank and other companies linked to investment, commodities and engineering. “Regardless of what reasons, under what pretexts ... Read More »

Iran, Japan to Train Afghan Customs Staff

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Iran:The Islamic Republic of Iran Customs Administration has signed a memorandum of understanding with Japan International Cooperation Agency, affiliated to the government of Japan to jointly offer a special customs training course to Afghanistan’s customs staff. The MoU was signed between JICA’s Chief Representative in Iran Yukiharu Kobayashi and Iranian Foreign Ministry’s Director General for West Asia Rasoul Eslami on ... Read More »

India picks Iranian firm to run Chabahar port

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Iran : India Ports Global has picked Bandar Abbas-based Kaveh Port and Marine Services company to run the Chabahar port in Iran as an interim arrangement for about 18 months from mid-June as India treads cautiously on operationalising the port in the back drop of sanctions being re-imposed on the Persian Gulf nation by the United States. The selection of ... Read More »

Iran exports to Qatar surge in 6 months

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Tehran : More than $139 million worth of goods were shipped from Iran to Qatar in the first six months of the current Iranian calendar year (started March 21), up more than 60 percent from the same period last year, Iran’s customs figures showed. Iran exported 718,333 tons of goods worth $139.4 million to Qatar over six months, the data ... Read More »

Iran Reports 46% Drop In Condensate Exports

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Iran’s condensate exports fell by 46 percent over the first six months of the Iranian year, from March to September, local news agency Isna reported, citing customs data. Quoting the Iranian-language source, Reuters reported condensate exports over the period totaled 4.644 million tons, compared with 8.629 million tons a year earlier. Condensate is a major export product for Iran, making ... Read More »

Iran Oil Buyer and Rival, U.A.E., May Be Cracking Down on Trade

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Dubai : The United Arab Emirates, which has a history of talking tough on Iran while still buying its oil, appears to be taking steps to comply with looming U.S. sanctions against the Islamic Republic’s energy industry. Dubai is the U.A.E.’s main importer of Iranian oil. The country’s biggest city buys a light oil called condensate that’s produced in Iran’s ... Read More »

Iran’s Petrochemicals Exports See 24% Rise

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The Iranian Customs Office released the final figures of half-yearly exports of non-oil goods, including petrochemicals, gas condensates, and other commodities. The data shows that the revenue earned from the export of petrochemical products in the current year’s first half has risen by 24 percent in comparison to the previous year. Meanwhile, the value of exported products, excluding petrochemicals and ... Read More »

Iran oil buyer and rival UAE may be cracking down on trade

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DUBAI: The United Arab Emirates, which has a history of talking tough on Iran while still buying its oil, appears to be taking steps to comply with looming U.S. sanctions against the Islamic Republic’s energy industry. Dubai is the U.A.E.’s main importer of Iranian oil. The country’s biggest city buys a light oil called condensate that’s produced in Iran’s natural ... Read More »

Iran’s Trade With Japan Surpasses $400m

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Tehran:Iran traded 343,170 tons of non-oil commodities worth $408.18 million with Japan during the first five months of the current fiscal year (March 21-Aug. 22). This registers a 42.34% and 12.73% decline in tonnage and value respectively compared with last year’s corresponding period, latest data released by the Islamic Republic of Iran Customs Administration show. Iran’s exports to Japan stood ... Read More »

Iran bans exports of pencil components

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Tehran:Director General of the Islamic Republic of Iran Customs Administration’s Export Affairs Division Ali Akbar Shamani announced the new regulation in a directive to customs offices across the country on Saturday. The directive comes in the wake of a call by Minister of Industry, Mine and Trade Mohammad Shariatmadari to ban two main materials of pencils, including the wood and ... Read More »

Iran Customs Officials Expediting Import Clearance Procedures

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The Islamic Republic of Iran Customs Administration now allows local producers to clear up to 70% of their imports of raw materials and industrial machinery before going through customs procedures. However, in the past four months, one of the sharp criticisms leveled at the government was about the large volume of unclaimed, imported goods left at customs terminals mostly due ... Read More »

Iran Oil Exports Bullish, Despite Falling by One-Third Since Trump’s Announcement

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Iran’s oil minister said the US will fail in trying to bring Iranian crude exports to a standstill, but acknowledged South Korea has stopped buying oil from Tehran. The website of Iran’s oil ministry, Shana.ir, quotes Bijan Zangeneh as saying the “US dream of getting Iran’s oil exports (effectively) to zero won’t come true”. Zangeneh said such a plan isn’t ... Read More »

Iran confirms South Korea’s halt of oil imports

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Iran’s Ministry of Petroleum has confirmed that South Korea has halted oil imports from the Islamic republic. “It it for three successive months that South Korea has not imported oil from Iran,” public relations of the ministry said on Sunday, Xinhua news agency reported. “South Korea was the first country to halt Iran’s oil imports following the US sanction threats ... Read More »

OPEC chief: Cartel must stay together as US sanctions Iran

OPEC Secretary-General Mohammed Sanusi Barkindo speaks at an event in Fujairah, United Arab Emirates, Tuesday, Sept. 18, 2018. The head of OPEC said that the oil cartel must stick together for the good of the global economy amid Iran facing renewed U.S. sanctions. (AP Photo/Jon Gambrell)

FUJAIRAH, United Arab Emirates — The Organization of the Petroleum Exporting Countries (OPEC) must stick together for the good of the global economy as founding member Iran faces renewed sanctions from the United States, the head of the cartel said Tuesday — though he did not address how an already-tight market will make up for the loss of Iranian supply. ... Read More »

Iran gas exports fall 42%

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ANKARA: Iran’s gas condensate exports fell nearly 42 percent to 4.1 million tonnes in the five months to Aug 22, Iranian semi-official Mehr news agency reported, as US sanctions on the country’s energy sector loomed. Gas condensate shipments account for some 11pc of Iran’s total exports in value terms, Mehr reported. “According to the latest customs figures of Iran’s foreign ... Read More »

South Korea’s Iranian crude oil imports plunge 86.5% on year in Aug

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Seoul : South Korea’s crude oil imports from Iran plunged 86.5% in August from a year earlier due to pending re-imposition of US sanctions on Tehran, according to preliminary data released by the Korea Customs Service Monday. The volume of 1.71 million barrels was the smallest monthly imports since September 2012 when South Korea purchased no cargoes from Iran amid ... Read More »

Russia, Iran take center stage at Damascus fair

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DAMASCUS: Companies from dozens of countries have been showing their wares at the Damascus International Fair this week, but those from two in particular are getting special treatment – Russia and Iran. Firms from the top two wartime allies of Syria’s government are set up in an entirely separate building, hinting at the preferred status they hope to enjoy as ... Read More »

US May Waive Sanctions for Indian-Built Iranian Port Linking to Afghanistan

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The US is reportedly considering granting a waiver to the Iranian port of Chabahar that would permit trade there despite the return of US sanctions against trading with Iran. India has invested hugely in the port, and it’s expected to become the key to mineral extraction in Afghanistan, where the US is struggling to end a two-decade-long war. Chabahar is ... Read More »