NITC, oil research institute ink contract on promoting fuel quality

TEHRAN- National Iranian Tanker Company (NITC) and Iran’s Research Institute of Petroleum Industry signed a contract for cooperation on promoting the quality of bunkering fuel and reducing the pollutants, Shana news agency reported.

Iran-Ireland trade jumps in Q1

TEHRAN- Trade volume between Iran and Ireland witnessed a sudden increase during the first three months of 2017, Iranian Ambassador to Ireland Javad Kachoueeian said in an interview with ILNA published on Friday.

Crude steel exports up 67% in Q1

TEHRAN- Iran exported 1.675 million tons of crude steel in spring 2017, which corresponds to the first quarter of the current Iranian calendar year (March 21-June 21), a 67 percent rise year on year, according to the Iranian Steel Association.

$200m of projects inaugurated in Persian Gulf islands

TEHRAN - Nine large industrial, development, and tourism projects, worth 8 trillion rials (about $210 million) came on stream in the two Persian Gulf islands of Kish and Hendurabi.

Petchem sector inks MOUs on $10b FDI in 1.5 years

TEHRAN- Iranian petrochemical industry has signed memorandums of understanding (MOUs) on attraction of $10 billion foreign direct investment (FDI) with European and East Asian countries over the past one and half years, according to a petrochemical director.

Energy deals inked with Russian, Japanese firms

TEHRAN- Iran inked two memorandums of understanding (MOUs) on three of its oil and gas fields with Russian and Japanese companies in Tehran on Monday, National Iranian Oil Company (NIOC) announced.

By Mahnaz Abdi

Rail reform plan seeks improved efficiency

TEHRAN- Railways used to account for the major part of transportation in the world for many years, until decline in demand for railway transportation in the countries throughout the globe set the railways thinking about making some kind of transformation and reform in their structures. Germany, Britain and France were among pioneers in this regard. They embarked on reforms during 1990s.

Iran, Iraq agree on establishing industrial parks

TEHRAN – Iran and Iraq signed a memorandum of understanding (MOU) on establishment of industrial parks, Shata news agency reported.

Industrial projects worth $1.5b to come on stream

TEHRAN – The Industrial Development and Renovation Organization of Iran (IDRO) will invest 60 trillion rials (about $1.5 billion) to implement 18 projects by the end of the current Iranian calendar year (March 20, 2018).

Industrial parks to create 136,000 jobs by Mar. 2018

TEHRAN–Head of Iran Small Industries and Industrial Parks Organization (ISIPO) Ali Yazdani said that some 136,000 direct jobs will be created in the country’s industrial parks by the end of the current Iranian calendar year (March 20, 2018).

Iranian railways require 28,000 wagons

TEHRAN- Saeid Mohammadzadeh, head of the Islamic Republic of Iran Railways(known as RAI), announced that 28,000 wagons is required in the country’s railway network, Mehr News agency reported on Friday.

Belgium seeks to tighten economic bonds with Iran

TEHRAN- The Minister-President of the Belgian region of Flanders, Geert Bourgeois, has said his government seeks to expand economic ties with Iran, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported on Thursday.

Indian companies interested in project to develop Iranian port

India is keen to rapidly develop Iran's Chabahar Port, a strategic facility that New Delhi hopes will help expand its trade with Afghanistan and energy-rich Central Asia by circumventing Pakistan.

Haniyeh Sadat Jafariyeh

Iran, Italy pen €1.2b rail MOU

TEHRAN - The Islamic Republic of Iran Railways, known also as RAI, and the Italian state-run railway company, Ferrovie dello Stato (FS), on Tuesday signed a memorandum of understanding worth €1.2 billion on construction of a high-speed railway between the Iranian central cities of Arak and Qom.

Exports of dairy products almost double

TEHRAN – Iran’s exports of dairy products rose by 92 percent in the first 2 months of the current Iranian calendar year, which started on March 21, 2017, compared to the same period last year.

Iran's June crude oil exports stand at 2.15m bpd

TEHRAN – Iran’s oil exports to Europe and Asia stood at 2.15 million barrels per day (bpd) in June, IRNA reported on Monday citing Oil Ministry’s website.

By Mahnaz Abdi

27% rise in West Karoun output planned

TEHRAN- Oil production from West Karoun oilfields in southwest Iran is planned to reach 368,000 barrels per day (bpd) by the end of the current Iranian calendar year (March 20, 2018), a 27 percent rise compared to its current annual output.

Iranian light crude’s weekly price up $1.79

TEHRAN – The price of Iran’s light crude oil in the week ended on June 30 rose $1.79 to stand at $43.82 per barrel, IRNA reported.

By Ebrahim Fallahi

Sri Lanka celebrates 150th anniversary of its tea industry in Tehran

Tehran – Along with Sri Lanka’s embassies all around the world, the Asian country’s embassy in Tehran celebrated the 150th anniversary of Ceylon tea on July 6.

Tehran, Ankara moving toward free trade

TEHRAN – Iran and Turkey have agreed on enhancing bilateral relations through negotiating a free trade agreement.

Market expansion Iran’s top priority in post-sanctions economy

TEHRAN- Addressing a ceremony on the occasion of Iran’s Industry and Mine National Day on Saturday, Iranian First Vice President Es’haq Jahangiri referred to market expansion as administration’s top economic priority in post sanctions era, IRNA reported.

Gas exports to neighboring countries, India prioritized

TEHRAN - Neighboring countries and India are Iran’s top priority for gas exports and Europe is not one for now, Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia told IRNA.

Iran’s 2016 oil exports up over 77%: OPEC

TEHRAN – Iran’s oil exports in 2016 reached 1.921 million barrels per day (bpd), a 77.6 percent rise compared to 2015, according to OPEC’s latest Annual Statistical Bulletin report.

Iran guaranteed $12b foreign investment in 2016

TEHRAN - The head of Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) said in 2016 Iran issued banking guarantees for nearly $12 billion worth of foreign investment in the country.

Hitachi inks deal to equip Iranian refinery

TEHRAN – Japan’s Hitachi has signed a deal to supply vapor recovery units (VRU) and compressors to Iran’s Bidboland Gas Refinery in southwestern Khuzestan province, Shana reported without giving further details.

Iran’s auto sector to rise GDP share by 70%

TEHRAN- The share of Iran’s auto industry in the country’s gross domestic product (GDP) is projected to rise by 70 percent in the current Iranian calendar year 1396 (March 2017-March 2018) compared to four years ago.

Maersk, NIOC negotiating on oil project

TEHRAN – Danish conglomerate Maersk Group is in talks with the National Iranian Oil Company for development of South Pars gas field’s oil layer in the Persian Gulf.

Post-sanctions NITC inks 76 leasing deals

TEHRAN –National Iranian Tanker Company (NITC) has signed 76 deals since the removal of sanctions in January 2016 for leasing out tankers to large foreign companies including European ones, managing director of the company, Sirous Kianersi, announced on Tuesday.

Total eyeing $2b investment in Iran’s petchem sector

TEHRAN - Iran and Total have reached agreement on the construction of three petrochemical plants that if comes to a deal the French oil giant will invest $1.5-$2 billion in Iran.

Italy to ink €1.2b railway MOU with Iran

TEHRAN – Italy’s state railway company, Ferrovie, will sign a memorandum of understanding, worth €1.2 billion, with the Islamic Republic of Iran Railways (IRIR).