Persian Gulf Star Refinery’s 2nd phase to come online today

TEHRAN – The second phase of Iran’s Persian Gulf Star Refinery (PGSR), which is hailed as the Middle East’s largest gas condensate processing complex, is going to be inaugurated officially today, Tasnim news agency reported.

Iran’s 5-month crude steel output up 24% yr/yr: WSA

TEHRAN- Production of crude steel in Iran stood at 10.142 million tons during the first five months of 2018, indicating 24.3 percent rise from 8.162 million tons in the same period of time in 2017, according to World Steel Association (WSA).

Japan, S.Korea seeking waivers from U.S. sanctions on Iran’s oil

TEHRAN – As Iran’s two major oil buyers, Japan and South Korea are in talks with the U.S. in order to get waivers over U.S. sanctions on Iran for buying crude oil from the country.

Iran, Uzbekistan to improve energy, modern industries co-op

TEHRAN- In a meeting between Uzbekistan Foreign Trade Minister Jamshid Khodjaev and Iranian Deputy Industry Minister Mansour Moazzami in Tehran, the two sides underscored the vitality of developing mutual ties in energy and modern industries sector, the portal of Iran’s Industrial Development and Renovation Organization (IDRO) reported on Tuesday.

‘Cutting Iran’s oil from market by Nov. impossible’

TEHRAN- Eliminating Iran’s oil from the global market by November as demanded by the U.S. is impossible, an Iranian oil official told Tasnim news agency on Wednesday.

Gas exports up 9% in a quarter on year

TEHRAN- Iran’s gas exports increased by nine percent during the first quarter of current Iranian calendar year (March 21-June 21), according to a gas official.

Intl. metal working exhibition kicks off in Tehran

TEHRAN – The third edition of Iran’s International Exhibition for Metal Working (AMB Iran 2018) kicked off on Tuesday at Shahr-e-Aftab International Exhibition Center in Tehran.

Govt. aims to strengthen national currency

TEHRAN- Government spokesman Mohammad Baqer Nobakht on Tuesday said that the government’s main target is increasing the value of national currency, rial, however, the job will not be fulfilled without the support of the Iranian nation.

European companies to continue trade with Iran: envoy

TEHRAN- Bulgaria’s ambassador to Iran said that U.S. withdrawal from Iran’s nuclear deal (known as JCPOA) cannot prevent European companies from having trade transactions with the country, IRNA reported on Tuesday.

Kharg oil terminal's capacity to increase by 700,000 bpd in 2 years

TEHRAN – Iran’s Kharg Island oil terminal capacity for receiving, storing and exporting of oil is set to increase by 700,000 barrels per day (bpd) in two years, IRNA reported on Tuesday quoting an oil official.

Iran’s non-oil exports rise 15.5% in 3 months yr/yr

TEHRAN- Iran could export $11.6 billion of non-oil goods during the first three months of the current Iranian calendar year (March 21-June 21, 2018), showing an annual increase of 15.5 percent, Iranian economy minister announced in a press conference on Tuesday.

140 companies to attend intl. electricity expo in Isfahan

TEHRAN- The 9th International Biennial Exhibition of Electricity Industry of Iran is to be held on June 27-30, 2018 at Isfahan International Exhibition Fairground with participation of 140 domestic and foreign companies, ILNA reported on Monday.

Iran to create secondary currency market by next week

TEHRAN- Iran will set up a secondary currency market by the next week, Central Bank of Iran (CBI) Governor Valiollah Seif announced on Monday.

Digging operation of 43 oil, gas wells conducted in 3 months

TEHRAN- National Iranian Drilling Company (NIDC) dug and completed digging operation of 43 oil and gas wells during the first quarter of current Iranian calendar year (March 21-June 21), according to an official with the NIDC.

Expansion of economic co-op discussed between Iran, Georgia

TEHRAN- In a meeting between the members of Iran-Georgia parliamentary friendship group and Iranian Finance Minister Masoud Karbasian in Tehran on Sunday, the two sides stressed expansion of bilateral economic ties and cooperation.

Iran’s 1st intl. gas exhibition slated for early Sep.

TEHRAN – Iran’s first international gas exhibition (IRGS 2018) is due to be held at Shahr-e-Aftab Complex in Tehran during September 1-4.

Construction operation of over 3,400 km of railways underway

TEHRAN- Over 3,410 kilometers of railways are under construction throughout Iran, Deputy Transport Minister Kheirollah Khademi told IRNA on Sunday.

Steel products export up 129% in 2 months yr/yr

TEHRAN- Iran exported 413,000 tons of steel products during the two-month period from March 21 to June 21, with 129 percent rise from the figure of the same time span in the past year, Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) announced.

Gasoline consumption tops 2.5b liters in a month

TEHRAN- Iranians Consumed over 2.5 billion liters of gasoline during the Iranian calendar month of Khordad (May 22-June 21), that is an average daily consumption of 83.6 million liters.

Tehran hosts intl. conference on transportation, logistics

TEHRAN – The second edition of Iran’s International Conference on Export Transportation and Logistics was held at Tehran Permanent International Fairgrounds on Sunday.

‘New imports ban to thwart $10b of foreign currency outflow’: MP

TEHRAN- Implementation of the newly set ban on imports of 1,339 kinds of goods into Iran is expected to prevent outflow of $10 billion foreign currency, IRIB news quoted the chairman of Majlis (the Iranian parliament) economic committee as saying in a TV interview on Saturday.

'Iran-China economic ties to hike'

TEHRAN- Iran-China economic relations will improve regardless of third-party countries’ internal rules, Spokesman of the Chinese Ministry of Commerce Gao Feng told IRNA on Saturday.

Inflation rate at 8.2%: statistical center

TEHRAN- The Statistical Center of Iran announced that the inflation rate in the twelve-month period ended on the last day of the third Iranian calendar month Khordad (June 21) stood at 8.2 percent, up 0.2 percent from its previous month, IRNA reported on Saturday.

By: Ebrahim Fallahi

The aftermath of OPEC’s decision on rising output

The members of the Organization of the Petroleum Exporting Countries (OPEC) reached a consensus on Friday to increase their crude output in order to address concerns over rising oil prices, however the group didn’t give any clear information regarding the amount and allocations of the rise. Now, the question is how this decision is going to project in the oil market?

TCCIMA agricultural committee chairman becomes a board member of ISOA

TEHRAN- Kaveh Zargaran, the chairman of the Agricultural Committee at the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA), became a board member of International Sunflower Oils Association (ISOA).

Iran will find other ways to overcome sanctions: Zanganeh

TEHRAN- Saying that Iran doesn’t believe buyers of its oil will get waivers from the U.S. government, Iranian Oil Minister Bijan Namdar Zanganeh said his country will find other ways to overcome sanctions.

Stock market index gains 12,583 points in 55 days

TEHRAN- Tehran Stock Exchange (TSE)’s main index (TEDPIX) gained 12,583 points to hit 108,872 points during 55 days since the beginning of current Iranian calendar year (March 21), Mehr news agency reported on Friday.

Tehran, Bratislava confer on boosting economic ties

TEHRAN- In his one-day trip to Slovakia on Thursday, Iranian Economy Minister Masoud Karbasian explored development of mutual economic ties with his Slovakian counterpart Peter Žiga.

U.S. sanctions wont affect Tehran-Baghdad oil swap deal: Iraq

TEHRAN – Iraqi Oil Minister Jabar al-Luaibi said the future U.S. sanctions on Iran will not affect the oil swap agreement reached in December 2017 between the two countries, Reuters reported. The minister made the remarks on the sidelines of on OPEC meeting in Vienna on Friday.

Tehran, Dushanbe discuss Iranian companies’ contribution to Tajikistan’s road-building projects

TEHRAN- In a meeting between Iranian energy minister and Tajikistan's transport minister in Dushanbe, the two sides discussed the issue of Iranian companies’ presence in the road-building projects in Tajikistan.