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Iran to halt gasoline imports from September

iran

 TEHRAN: Iran will halt gasoline imports from September, ISNA news agency quoted the oil minister as saying on Monday, as the country aims to achieve self-sufficiency by increasing production of the motor fuel. Minister Bijan Zanganeh said Iran’s gasoline production increased by 15 million litres per day last year. He said Iran would produce an extra 12 million litres of gasoline ... Read More »

Iran biggest trade partner of Afghanistan in 2017-18

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KABUL: Afghanistan’s Chamber of Commerce and Industries said Iran was Afghanistan’s biggest trade partner in the last solar year (March 2017-18) and exported goods worth over $1.98 billion to the neighboring country. ACCI said trade volume was $1.2 billion between Afghanistan and Pakistan and $1 billion with China in the same period. “Now Iran is our biggest (trade) partner,” ACCI ... Read More »

Iran Non-Oil trade deficit at $7b

iran

TEHRAN: Non-oil exports from Iran stood at around $47 billion in the last Iranian year (ended March 20) while imports hovered around $54 billion, showing a $7 billion trade deficit for the country, the head of Trade Promotion Organization said. Noting that non-oil exports saw a 6.5% rise while industrial and mining exports registered a 26% rise last year, Mojtaba ... Read More »

Iran Indonesia trade value grows 28%

iran

TEHRAN: Iran’s trade with Indonesia totaled 1.89 million tons worth $733.62 million during the 11 months to Feb. 19, registering a 77.19% and 28.11% growth in tonnage and value respectively compared with last year’s corresponding period, the Islamic Republic of Iran Customs Administration announced. Iran exported 1.59 million tons of goods worth $505.72 million to Indonesia during the period, registering ... Read More »

Iran steps in to invest in Afghanistan iron ore mine

iran

TEHRAN: Iran wants to invest in Sangan iron ore mine of Herat Province, located in border areas between Afghanistan and Iran, Afghan media reported. As mineral resources from Sangan iron ore mine on the Iranian side are nearing depletion, Iran is willing to invest in the Afghanistan part of the mine to fulfill its need of raw materials for its ... Read More »

Iran Azerbaijan railroads officially linked on March 29

iran

TEHRAN: The rail link between Astara in Azerbaijan and the Iranian namesake city was officially inaugurated in a ceremony held on March 29. Presidents Hassan Rouhani of Iran and Ilham Aliyev of Azerbaijan participated via a video link from the Iran-Azerbaijan Business Forum they were attending in Baku, British business journal Railway Gazette International reported. Around 7,600 tons of freight ... Read More »

Asia’s Iran oil imports fall by a fifth in February

iran

TEHRAN: Imports of Iranian crude oil by major buyers in Asia fell by nearly a fifth in February from the same month a year earlier, hitting a two-month low as all of them except India curbed purchases, government and ship-tracking data showed. China, India, Japan and South Korea last month imported a total of 1.63 million barrels per day (bpd) from Iran, the lowest volume since December, ... Read More »

Iran’s top 20 non-oil export destinations

iran

TEHRAN: Iran’s traditional trade partner from the sanctions period, maintained its position as the Islamic Republic’s top trade partner in the first 11 months of the last fiscal year(March 20, 2017-Feb. 20, 2018). Over 19.7 percent of Iran’s non-oil exports went to China in the 11-month period. During the period, Iran exported $8.229 billion worth of goods to China, 11 ... Read More »

Iranian economic crisis reaches new lows

iran

TEHRAN: The value of the Iranian rial has dropped by almost a quarter of its value in less than half a year. The gap between that and the official rate – 37,686 as of yesterday – is widening and there is nothing to say it will stop growing. Last month the government of Iran had no choice but to take ... Read More »

Iran’s services exports register increase

iran

TEHRAN: Iran exported $10,796 million worth of services during the first 11 months of the last fiscal year (March 20, 2017-Feb. 20, 2018). Iran’s services exports registered a rise by 3.5 percent compared to the same period of the preceding year, according to the latest data released by the country’s Ministry of Industry, Mine and Trade. Iran’s revenues via services ... Read More »

Iran proposes investment in Afghan iron ore project

iran

TEHRAN: Iran wants to transfer the extracted materials to an ore processing plant on its soil across the border but Afghanistan is opposed to the idea. “We have a policy based on which extracted mineral resources should be processed inside Afghanistan,” the broadcaster quoted her as saying. The Sangan mine which Iran is interested to invest in is shared by ... Read More »

Iranians shot at on border were drug smugglers

iran

TEHRAN: Turkmenistan says the Iranians who were shot by border guards in the Caspian Sea were trying to smuggle in narcotics. Iran’s semi-official ILNA news agency said two fishermen were killed and two others detained in the Tuesday incident. But the Turkmen Foreign Ministry said Friday that they were smuggling in “a large consignment” of narcotics. The Turkmen statement said ... Read More »

Iran’s mineral exports in 11 months up 6pct

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TEHRAN: Tehran Times reported that Iran exported USD 8.4 billion of minerals during the 11 month period ended on February 19, with six percent rise from the figure of the same period of time in the previous year. According to Iranian Mines and Mining Industries Development and Renovation Organization, the weight of minerals exported in the said time fell three ... Read More »

Iran moves closer to achieving gasoline independence

iran

TEHRAN: Iran has drastically cut its gasoline imports in recent weeks as it started the second phase of an oil refinery, moving closer to reaching gasoline independence, Reuters reported on Wednesday, citing trading sources. IraOPEC’s third-largest oil producer—has been reliant on gasoline imports for years because of lack of refining capacity and the Western sanctions that had limited the choices for funding ... Read More »

Saudi Iran conflict leads to rising oil prices

iran

TEHRAN: Oil prices rose by almost 1 percent on Tuesday, lifted by a weak dollar, tensions in the Middle East and concerns of a further fall in Venezuelan output. The International Energy Agency said last week that Venezuela, where an economic crisis has cut oil production by almost half since early 2005 to well below 2 million barrels per day was “clearly vulnerable ... Read More »

Iran’s sweets and chocolates exports surge

iran

TEHRAN: Export of Iran’s sweets and chocolates registered a significant increase during the first 11 months of the current fiscal year, started March 2017, Mahmoud Bazari, the director general of the exports coordination office of Iran’s Trade ‎Promotion Organization (TPO) for agro crops and processing industries’ products, said. Iran has exported over 513,000 tons of sweets and chocolates in the ... Read More »

Men smuggled $2.3M in parts to Iran oil firms

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TEHRAN: Three men accused of smuggling industrial equipment into Iran in violation of U.S. sanctions have been indicted by a grand jury in Seattle. Federal prosecutors claim the men  Mehran Ghanouni, his father Bahram Ghanouni, who is also known as Ben Anderson, and Peiman Basiri  exported $2.3 million worth of parts used in oil production to Iran’s government-owned oil firms.  A ... Read More »

Oil market shrugs off rising threat to Iran deal

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 TEHRAN: In theory failure to recertify could remove hundreds of thousands of barrels of crude from the market and cause a significant tightening of the supply-demand balance. For the time being, however, the Trump administration’s increasingly hawkish position on Iran has not been enough to offset the impact of increasing supply from shale. Crude traders may be under-estimating the president’s ... Read More »

Iran mulling customs issues

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TEHRAN: The 13th meeting of the joint Turkmen-Iranian intergovernmental commission on consular, border and customs issues is being held in Ashgabat, the Turkmen Foreign Ministry said in a message March 13. According to the message, heads and representatives of the corresponding ministries and law enforcement agencies of the two neighboring countries are taking part in the meeting.  The sides stressed ... Read More »

Iran experiences leap in wheat exports

iran

TEHRAN: Around 236,000 tons of wheat worth $84 million were exported from Iran during the first 10 months of the current Iranian year (March 21, 2017- Jan. 20), registering a whopping 1,317% and 724% growth in weight and value respectively compared with the similar period of last year. This was announced by Abdolmehdi Bakhshandeh, deputy agriculture minister for planning and ... Read More »