Iran replaces dollar with euro in financial reporting

TEHRAN- The Iranian cabinet on Wednesday ordered all state-run organizations and companies to replace U.S. dollar with euro in reporting their financial statements, IRNA reported.

IMF sees Iran’s GDP growth at 4% in 2018

TEHRAN - The International Monetary Fund (IMF) in its latest World Economic Outlook titled “Cyclical Upswing, Structural Change” predicted a four-percent real gross domestic product (GDP) growth for Iran in 2018, down 0.3 percent from 4.3 percent in 2017.

By Mahnaz Abdi

PMO to reduce port, maritime tariffs noticeably in current year

TEHRAN- Iran’s Ports and Maritime Organization (PMO) will reduce tariffs on maritime and port activities significantly in the current Iranian calendar year (begins on March 21), the organization’s managing director, Mohammad Rastad, announced in a press conference on Wednesday.

Mining sector exports $9b in a year

TEHRAN- Iranian Deputy Industry Minister Mehdi Karbasian announced that during the past Iranian calendar Year 1396 (ended March 20, 2018) exports of domestic mining sector stood at $9 billion, IRNA reported.

Noticeable rise in establishment, exploration, operation permits issuance

TEHRAN – The number of establishment, exploration and operation permits issued during the last Iranian calendar year (March 2017- March 2018) increased significantly compared to its preceding year, the Iranian Ministry of Industry, Mining and Trade’s news portal (Shata) reported on Monday.

1,100 kilometers of freeways inaugurated in a year

TEHRAN- About 1,100 kilometers of freeways were inaugurated in Iran during the pat Iranian calendar year (ended on March 20), according to Kheirollah Khademi, the managing director of Iran’s Construction and Development of Transportation Infrastructures Company (CDTIC).

Expansion of rail transport co-op stressed by Iran, Austria

TEHRAN – A 10-member Austrian trade delegation visited Tran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) on Sunday to discuss expansion of cooperation between the two countries in rail transport, TCCIMA portal reported.

Zarif embarks for Dushanbe to attend ECO ministerial meeting

TEHRAN- Iranian Foreign Minister Mohammad Javad Zarif left Tehran for Tajikistan on Monday to take part in the Economic Cooperation Organization (ECO) 23rd meeting of Council of Ministers (COM) in the Tajik capital of Dushanbe the next day, IRNA reported.

By Mehrnoosh Aryanpour

Dollars for…donuts: when the craze for FX simply gets out of control

The other week’s slide in the rial to a new record low, posted as 56,800 per dollar, according to the Financial Tribune last week, shows just how maniacal the market’s thirst for hard currency has become. But instead of following the herd and asking, “where can I get some dollars to hoard?”, the better questions to ask are instead:

Iran’s annual non-oil exports anticipated to hit $55b by Mar. 2019

TEHRAN- Iranian deputy industry, mining and trade minister predicted that the country’s annual exports of non-oil products will reach $55 billion in the current Iranian calendar year (ends on March 20, 2019), ISNA reported on Sunday.

Platforms of SP remaining phases to be completed by next March.

TEHRAN- Building the platforms of the remaining phases of Iran’s South Pars gas field, except for phase 11, will be completed by the end of current Iranian calendar year (March 20, 2019), according to the managing director of Pars Oil and Gas Company (POGC), which is in charge of developing the field.

Iran, Azerbaijan ink MOU to exchange electricity

TEHRAN - Iran and Azerbaijan signed a memorandum of understanding on Thursday based on which Iran will import 180 megawatts (MW) electricity from Azerbaijan during summer (starting from June 1).

Poland’s biggest refinery joins Iranian crude oil buyers

TEHRAN – Following Lotos, Poland’s biggest oil refiner PKN Orlen has joined the buyers of Iranian crude oil, receiving a 130,000-ton shipment of Iranian crude at the Baltic seaport of Gdansk, Reuters reported.

Iran’s oil output up 3,300 bpd in March: OPEC

TEHRAN- According to OPEC’s latest monthly report published on April 13, Iran’s oil production, based on secondary sources, stood at 3.814 million barrels per day (bpd) in March, up 3,300 bpd from that of February.

Russia's Lukoil expected to sign deals in Iran within 3-4 months

TEHRAN - Russia's oil-producing giant, Lukoil is expected to sign contracts in Iran within the next 3-4 months to develop two Iranian oil fields, Sputnik reported on Wednesday quoting the company’s chief executive.

By: Ebrahim Fallahi

Iranian oil industry’s achievements in past year

TEHRAN – The Iranian oil industry witnessed several turning points passing through the previous Iranian calendar year (which ended on March 20), stabilization of the country’s oil output in the range of 4 million barrels per day (bpd), exporting a record 2.6 million barrels of oil and gas condensate per day, and reaching a record high in production from joint fields of South Pars and West Karoun, are among the most important developments in the oil industry during the past year.

Issues with India over Farzad B gas field resolved: Zanganeh

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said Iran and India have resolved issues regarding Iran’s Farzad B gas field, IRNA reported.

Government’s income at $39.8b in a year

TEHRAN- Iranian government spokesman Mohammad Baqer Nobakht put the government’s income at 1.675 quadrillion rials (about $39.88 billion) in the past Iranian calendar year.

Port, maritime co-op discussed between Iran, Qatar

TEHRAN- In a meeting in Tehran on Monday, Iran’s Ports and Maritime Organization (PMO) Head Mohammad Rastad and Qatar Ports Management Company CEO Abdulla Al-Khanji explored the possible areas for cooperation between the two countries’ port and maritime sectors.

NITC’s fleet renovation to continue

TEHRAN- National Iranian Tanker Company (NITC)has demolished four of its oil tankers in the past Iranian calendar year (ended on March 20) in line with renovating its fleet, Shana news agency quoted Nasrollah Sardashti, the company’s managing director, as saying on Tuesday.

Iran-Czech business forum due in late Apr.

TEHRAN- Iran-Czech business forum will be held on April 24 at the place of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), the portal of ICCIMA reported on Monday.

Daily gasoline output to increase 12m liters in 4 months

TEHRAN- Gasoline production in Iran will increase 12 million liters within the next four months, Oil Minister Bijan Namdar Zanganeh announced on Monday.

Uzbekistan poised to boost commercial ties with Iran

TEHRAN- Uzbek First Deputy Prime Minister Achilbay Ramatov announced his country’s readiness on Monday for boosting commercial ties with Iran, IRNA reported.

$1.5b of new mining projects to be inaugurated in a year

TEHRAN- Iranian Deputy Industry Minister Mehdi Karbasian announced that $1.5 billion of new mining and related industries projects will be inaugurated by the current Iranian yearend (March 20, 2019).

Zarif to attend Iran-Brazil business forum

TEHRAN- Iran’s Foreign Minister Mohammad Javad Zarif, who began his visits to several African and South American countries at the head of a politico-economic delegation on Sunday, will attend Iran-Brazil business forum on Tuesday, IRNA reported.

By Haniyeh Sadat Jafariyeh

Foreign currency jump rears ugly head in domestic production, exports

The new Iranian year, which began on March 21, has been named by Leader of Islamic Revolution Ayatollah Seyed Ali Khamenei as the year of “Support for Iranian Products”. In general, supporting national products is expected to improve the level of Iran’s exports, however, regarding the current conditions at domestic foreign exchange market, puts the idea under some disputations.

Annual exports of SMEs at $2.3b

TEHRAN- A top official from Iran Small Industries and Industrial Parks Organization (ISIPO) announced that domestic small and medium-sized enterprises (SME) could export 2.3 billion of goods during the previous Iranian calendar year 1396 (ended March 20, 2018), IRNA reported on Saturday.

Tehran, Ankara sign co-op agreement on agriculture, foodstuff

TERHAN- Federation of Iranian Food Association and Central Union of Turkish Agricultural Credit Cooperative signed a cooperation agreement at the place of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) on Saturday, IRNA reported.

By Mahnaz Abdi

A year with more private sector’s contribution to transportation

Transportation development is one of the most significant necessities for economic growth and improvement of public welfare.

Iran, Turkmenistan to form joint energy committee

TEHRAN – Iran and Turkmenistan’s energy ministers called for sustained cooperation between the two countries’ energy and water sectors and emphasized the establishment of a joint energy committee.