Friday , October 20 2017
Breaking News


Iran increases oil production amidst OPEC cut agreement


TEHRAN: Iran exported 2.25 million barrels of crude oil per day to international markets in September, a rise in its exports that came as Saudi Arabia cut its oil output based on a standing agreement among OPEC and non-OPEC member states, according to reports in Iran Daily. China and India were the prime recipients of Iran’s oil, purchasing a combined ... Read More »

Iranian SMEs’ exports reach $800m


TEHRAN: Deputy Minister of Industries, Mining and Trade Ali Yazdani said exports by Iranian small- and medium-sized enterprises reached $800 million in the first half of the current Iranian year (March 21-Sept. 22). Noting that the ministry has predicted $2 billion in SMEs’ exports for the current fiscal year (March 2017-18), the official said that to boost non-oil exports, loans ... Read More »

Iran petrochemical revenues at $5.5 bln in six months


TEHRAN: Iran exported $5.57 billion worth of petrochemical and polymer products in the first six months of the current fiscal year (March 21-Sept. 22), up $1.2 billion compared to the same period of last year. According to NIPNA, the National Petrochemical Company’s official news agency, exports are expected to register a new annual record in terms of value by March ... Read More »

Iran’s H1 electricity exports up 25% yr/yr


TEHRAN: Iran’s exports of electricity to its neighboring countries increased by 25 percent in the first six months of the current Iranian calendar year (March 21-September 22) compared to the same period last year. According to Hooshang Falahatian, the deputy energy minister, Iran exported 5.162 million Kilowatt hours (mkwh) of electricity during the first half of the current year compared ... Read More »

Iran exports 31000 tons of wheat to Italy


TEHRAN: The CEO of Government Trading Corporation of Iran Yazdan Seif said for the first time Iran exports 31000 tons of high quality durum wheat to Italy which is the cornerstone of the world’s pasta. Yazdan Seif said Iran has exported more than 120000 tons of flour to the neighboring countries and the Europe in the first half of the ... Read More »

Iran looks to sign its first FLNG deal with Norway

Germany-Switzerland sign arbitration agreement for tax disputes

TEHRAN: Iran, the world’s biggest gas reserve holder (33.5 trillion cubic meters, 18 percent total), is still facing problems due to export problems. Meanwhile the country has increased its gas output significantly and targets an output of 1 bcm/d by the end of the current fiscal year (March 20, 2018), it exported only about 8 bcm of natural gas, with ... Read More »

Central Bank of Iran assures long-term forex stability


TEHRAN: The Central Bank of Iran distinguishes between temporary fluctuations and long-term trends in the foreign exchange market and closely considers this in its decision-making to ensure forex stability in the long run, the policymaking body’s governor said. “The CBI approach in devising foreign exchange policies has been to maintain the stability of market supply and demand, and prevent currency ... Read More »

Potato exports earn $19.4m

fresh potatoes

TEHRAN: More than 79,000 tons of potatoes worth around $19.4 million were exported from Iran in the five months to Aug. 22, an official with the Ministry of Agriculture said. “Despite a 4,000-hectare decline in the area under potato cultivation, it is estimated that this year the production of the crop will increase by around 53,000 tons. Last year, close ... Read More »

Iran allspice exports earn $6m in 5 months


TEHRAN: More than 14,850 tons of allspice worth over 197.1 billion rials ($6 million) were exported from Iran during the five months to August 22, according to figures released by the Islamic Republic of Iran Customs Administration. The main export destinations for Iranian allspice were Armenia, Azerbaijan, Georgia, Afghanistan, the UAE, Turkmenistan, Iraq, Kazakhstan, the Russian Federation, Oman, Kyrgyzstan, Kuwait, ... Read More »

Iran-Austria trade surpasses $400m


TEHRAN: Iran’s trade with Austria stood at $404 million in 2016, Behrouz Hassan Olfat, director of Europe and Americas Department at the Trade Promotion Organization of Iran, announced. According to the Islamic Republic of Iran Customs Administration, trade between the two countries dropped from $818 million in the fiscal 2011-2 to $312 million in 2014-15 due to international sanctions imposed ... Read More »

Iran keen to boost trade ties with Pakistan

economic ties

TEHRAN: Iranian Ambassador in Pakistan Mehdi Honardoost has stressed a need for making an all-out effort to strengthen bilateral trade relations. He was addressing a meeting of the Sialkot exporters held at Sialkot Chamber of Commerce and Industry (SCCI) after visiting several leading industrial units in Sialkot. The Iranian ambassador assured the business community that the Iranian trade markets in ... Read More »

Iran conducts 43-km of directional drilling at oil, gas fields


TEHRAN: The National Iranian Drilling Company (NIDC) carried out 43,498 meters of directional and horizontal drilling operations at Iran’s oil and gas fields during the first half of the current Iranian fiscal year (started March 20, 2017), said Mehran Alipour, head of the Special Operations Bureau at the NIDC. This amount of directional and horizontal drilling is 16 percent more ... Read More »

Bank Meeli Iran invests $25m in startups


TEHRAN: Bank Melli Iran, owned by the government and the largest commercial bank in Iran, has invested more than 1 trillion rials ($25.6 million) in three knowledge-based startups, an official at the Presidential Office for Science and Technology announced. “We expect higher amounts of bank investments in startups by March 2018, as we have made progress in negotiations with Bank ... Read More »

Iran foreign trade up 6% in H1

foreign trade

TEHRAN: Iran’s non-oil foreign trade during the first half of the current Iranian year (started March 21) stood at $44.13 billion, indicating a 6% rise compared with last year’s corresponding period. According to the latest report by the Islamic Republic of Iran Customs Administration, non-oil exports during the period hit 58.63 million tons worth $20.54 billion, indicating a 3.2% decline ... Read More »

Iran exports dates to nearly 50 countries


TEHRAN: The Iranian customs authorities have announced the volume of the major agricultural products exported by the country during the first five months of the current Iranian year. According to the figures announced by the Customs Office, Iran has exported 25,113 tonnes of fresh or dried dates worth over $31 million to nearly 50 countries. The Khabar Online news agency ... Read More »

Iran, Turkey look to enhance ties

economic ties

TEHRAN: Improving cooperation between Turkey and Iran would make a significant contribution to solving regional problems, Iran’s president said on Monday, on the eve of a visit by his counterpart. Hassan Rouhani made the remarks while receiving Turkish Chief of General Staff Gen. Hulusi Akar at the presidential palace in Tehran. Stating that relations between the two countries in the ... Read More »

Iran, Kazakhstan maintain stable trade turnover

enhance trade relations

TEHRAN: Economic relations between Iran and Kazakhstan are of regional importance, with promising areas of growth. In recent years the level of trade turnover between the two countries was changing, going up and down, but now it seems to have reached a stable level. The bilateral trade turnover between Iran and Kazakhstan was declining from 2014 to 2016. Relatively good ... Read More »

Iran’s inflation rate stands at 9.9%


TEHRAN: The Central Bank of Iran (CBI) announced that the inflation rate for the 12-month period ended on the last day of the sixth Iranian calendar month of Shahrivar (September 22) compared to the same period in the previous year hit 9.9 percent, Tasnim news agency reported on Wednesday. It is while the Statistical Center of Iran had previously put ... Read More »

Iran aims at doubling petrochemical exports by 2021


TEHRAN: Iran Plast exhibition the biggest event dedicated to polymer and plastic industry in the Middle East has come to a close in Tehran. The exhibition which set a record this year in the number of Iranian and foreign companies participating, was one of the country’s biggest petrochemical events aimed at introducing the huge capacities of the sector in Iran. Read More »

Iran, Turkey scale up customs cooperation


TEHRAN: Iranian and Turkish customs authorities agreed upon eight key issues on Monday. Agreements reached between the head of Islamic Republic of Iran Customs Administration Foroud Asgari and his Turkish counterpart, Cenap Asci, in Ankara include round-the-clock operation of Bazergan-Gurbulak Customs gates, online sharing of X-ray information and a joint fight against drug trafficking. With the closure of the Turkish-Iraqi ... Read More »