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Iran

Mining sector’s share in Iran’s GDP to rise to 1.5%

gdp

TEHRAN: The share of mining sector in Iran’s gross domestic product (GDP) will be increased to 1.5 percent in the Sixth National Development Plan (2016-2021) from the current figure of 1.1 percent, Deputy Industry, Mining and Trade Minister Jafar Sarqini told IRNA on Friday. Mining and minerals sector has all necessary qualities specified by ”Resistance Economy” and is of high ... Read More »

Iran abandons plans for iron ore export tariffs

iron-ore

TEHRAN: Iran has scrapped a plan to impose tariffs of between 5 and 10 percent on iron ore exports and may also abandon a 15 percent duty on shipments of iron ore pellets, used as a raw material in steelmaking, industry representatives said. Iran has been working to boost its domestic steel industry and European producers have complained it is ... Read More »

Iran unemployment rate at 12.4%

unemployment_0

TEHRAN: Iran’s unemployment rate in the current fiscal year (March 2016-17) stood at 12.4%, registering a 1.4% rise compared with the last year, the latest report by the Statistical Center of Iran said. The new data show 3.2 million Iranians were unemployed this year. It also shows 10.5% of men (or 2.19 million) and 20.7% of women (or 1.01 million) ... Read More »

Iran, Russia trade increases by 80% in 2016

IRAN RUSSIA

TEHRAN: In 2016, trade turnover between Iran and Moscow increased by 80% and amounted to over $2 billion, the head of the second Asian department of Russia’s Foreign Ministry said. The two states are actively cooperating in energy, defense and agriculture fields, among others, Sputnik reported. “Bilateral trade between Iran and Russia may reach $10 billion in three years,” Iranian ... Read More »

Iran’s 14 billion-barrel oil field comes online

Mexico offshore oil field auction

TEHRAN: Back from the wilds of Asia. Just in time to witness one of the most critical new field start-ups the global oil sector has seen in years. That’s the South Pars offshore field on the Iran-Qatar border. Which was officially commissioned this week, according to reports from Iran’s oil ministry yesterday. What makes this project so important? Size — ... Read More »

Iran starts oil recovery from South Pars oil layer

PARS OIL

TEHRAN: Iran started pumping oil from the oil layer of South Pars gas field (in the Persian Gulf), on Sunday, Gholam-Reza Manouchehri, the deputy managing director of National Iranian Oil Company (NIOC) for engineering and development affairs, announced. The official put the initial production from each well of the layer at 5,000 barrels per day (bpd) which will reach 35,000 ... Read More »

Inflation rate in urban areas stands at 6.8%

inflation

TEHRAN: The Statistical Center of Iran announced that the inflation rate in the urban areas for the 12-month period ended in Esfand, the last month of the past Iranian calendar year (ended on March 20), hit 6.8 percent, Tasnim news agency reported. The figure shows no change from the inflation rate in urban areas for the 12-month period ended in ... Read More »

Iran struggles to coax Bank of England to open clearing accounts

iran flag

TEHRAN: Iran has asked the Bank of England to set up special clearing accounts for its banks, but has so far been rebuffed in its effort to resolve an impasse that has left it excluded from banking in London more than a year after sanctions were lifted. Tehran has been hoping for swift reintegration into global trade after its deal ... Read More »

Iran needs $187bn for 100% renewable energy system

renewable

TEHRAN: Iran has the capability to set up a 100 per cent renewable energy system for the country by 2030 by investing around $187 billion, according to a study released by a Finnish university. According to the Lappeenranta University of Technology, the country would need to develop about 49 gigawatts (GW) of solar power, 77 GW of wind energy and ... Read More »

Iran’s carpet exports to US at $80mn

carpet-exports

TEHRAN: Iran says it has exported $80 million worth of carpets to the United States over a period of 11 months starting March 21, 2016.  Hamid Karegar, the president of Iran National Carpet Center, told local media that the exports had been mainly carried out directly from Iran to the US. The boost, he emphasized, came after a multi-year halt ... Read More »

Iran, Kazakhstan celebrate 25th anniv. of diplomatic ties

economic ties

TEHRAN: Attended by Iran and Kazakhstan deputy FMs, exhibition of documents and review meeting on the occasion of 25th anniversary of establishment of diplomatic relations between the two countries, were held in Astana. Iranian Deputy FM for Asia and Oceania Affairs Ebrahim Rahimpour, Kazakh Deputy Foreign Minister Akylbek Kamaldinov, former foreign ministry officials of Kazakhstan, ambassadors and university professors of ... Read More »

Iran using gas injections to boost oil output

oil & gas

TEHRAN: Speculations are emerging in media that Iran is injecting huge amounts of natural gas into its aging oil fields to boost its production of crude oil. Bloomberg in a report emphasized that Iran’s motivation for producing more gas was to re-inject it underground into crude oil reservoirs. The report added that the entire output from one phase of the ... Read More »

Banks loans witness 37% rise in 11 months

loan

  TEHRAN: Iranian banking system offered 4.77 trillion rials (about $126.4 million) of facilities to domestic economic sectors during the first 11 months of the current Iranian year (March 20, 2016- February 18, 2017), showing 37.1 percent increase compared to the same period in the previous year, IRNA reported. According to a report by Central Bank of Iran (CBI), the ... Read More »

Iran’s oil output to reach 4m bpd by April 20

OIL OUTPUT

TEHRAN: Oil production in Iran will reach four million barrels per day (bpd) by the end of the upcoming Iranian calendar year’s first month of Farvardin (March 20), National Iranian Oil Company (NIOC) Managing Director Ali Kardor announced in an interview with Seda weekly. The official also announced about boosting the country’s oil exports in the next two months, Shana ... Read More »

Iran exports 150,000 tons of billet

billet

TEHRAN: Iranian billet exporters achieved a considerable increase in exports over the past few weeks, mainly supported by the uptrend in the Commonwealth of Independent States semis segment. Deal prices for Iranian square billet to foreign outlets were fixed within $390‑400/ton FOB, indicating an increase of around $10‑20/t compared to February levels. Key support was provided by the uptrend in ... Read More »

Iranian Gov’t set to build resilient economy

economy

TEHRAN: President Hassan Rouhani said his administration has taken “very positive” steps to realize Resistance Economy’s goals, stressing that efforts should be continued until the objectives are fully accomplished. Resistance Economy is a set of principles aimed at boosting domestic production and productivity, and curbing oil dependence, to make the country immune to economic wars waged by foreign powers. The ... Read More »

Iran’s annual gasoline usage up by 5.1%

gasoline

TEHRAN: Iran’s gasoline consumption increased by 5.1 percent to 74.2 million liters per day (ml/d) during the current fiscal year (FY), compared to the previous year, IRNA reported Mar.14. Iran’s fiscal year started on March 21. The report didn’t mention the imported gasoline volume, but recently Tasnim reported that Iran increased gasoline import by 2.2 ml/d to 12 ml/d during ... Read More »

Iran seeks export deal for fruit and veg with Russia

customs-export

TEHRAN: Iran’s Minister of Communications and Information Technology, Mahmoud Vaezi, said in February after a meeting with Russian First Deputy Prime Minister, Igor Shuvalov, that Tehran hoped to sign a number of agreements with Moscow as part of Rouhani’s visit to Russia. According to the Russian trade representative in Iran, Andrei Lugansky, Iran should recognize the mutual interest of both ... Read More »

Irani Parliament suggests canceling death penalty for drug smugglers

Irani Parliament suggests canceling death penalty for drug smugglers

TEHRAN: The Judicial Commission of Iran’s parliament has tabled a motion that, if passed, overturns death penalty for nearly 5,000 drug smugglers, a member of the body said. The parliament had already approved generalities of the act with the difference being that it now will act retrospectively. “In this regard, the Judicial Commission has given its approval to retrospectively support ... Read More »

Iran leapfrogs Iraq as India’s no. 2 oil supplier in Feb

Oil prices continue downward slide

TEHRAN: India’s oil imports from Iran rose nearly 17 percent in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an OPEC deal to cut output, shipping data showed on Monday. The jump meant Iran replaced regional rival Iraq as India’s second-biggest oil supplier – a role Tehran used to ... Read More »