Iranian consortium inks MOU with NIOC to develop oilfield

TEHRAN – National Iranian Oil Company (NIOC) has signed a memorandum of understanding with a domestic consortium for developing Band-e-Karkheh oilfield in southwestern Khuzestan Province.

Free zones’ export, import problems discussed in a meeting

TEHRAN- Barriers and problems related to the process of exports from Iran’s free trade zones and imports from them were investigated in a meeting attended by Morteza Bank, the secretary of Free Zones High Council, and Reza Rahmani, the minister of industry, mining and trade, on Tuesday.

EU delegation visiting Iran to explore co-op in water management

TEHRAN – The European Union has started cooperating with Iran for managing the country’s water resources, a senior adviser to Iran’s Energy Ministry announced.

Tehran, Islamabad stress expansion of trade ties

TEHRAN – Iranian Industry, Mining and Trade Minister Reza Rahmani met with Pakistani Ambassador to Tehran Riffat Masood on Wednesday in Tehran to discuss expansion of trade ties.

Iran to offer incentives for foreign investments of over $250,000

TEHRAN – Iranian Finance and Economic Affairs Minister Farhad Dejpasand said on Tuesday that the government is providing especial facilities for foreign companies that bring in over $250,000 of investment into the country, IRNA reported.

By Mahnaz Abdi

CGT for more productivity, less reliance on oil income

In order to reduce intention for investment making in non-productive sectors, many countries impose capital gains tax (CGT) which is a tax on capital gains with different rates of taxation for individuals and corporations.

CBI hosts a gathering of economists to discuss monetary issues

TEHRAN – In a meeting with the country’s economists in Tehran on Monday, the governor of Central Bank of Iran (CBI) explored issues like Integrated Forex Market, open market operations (OMO), liquidity and inflation, IRIB reported.

‘Foreign vessels passage through Iranian waters ongoing’

TEHRAN – Head of Iran’s Ports and Maritime Organization (PMO) said all major foreign shipping companies are passing through Iran's waters on their normal basis and Iranian ports are also operating as before. As reported by IRNA, Mohammad Rastad made the remarks on the sidelines of a ceremony on the occasion of World Hydrography Day in Tehran on Tuesday.

Iran’s refining capacity to rise 250,000 bpd by March 2020

TEHRAN – Daily processing capacity of Iranian refineries is expected to increase by 250,000 barrels by the end of the current Iranian calendar year (March 19, 2020) to reach 2.4 million bpd, IRNA reported on Tuesday.

‘Annual exports of $32b of commodities, services to neighbor countries planned’

TEHRAN- Iranian Industry, Mining and Trade Ministry has planned that the annual export of commodities and services to Iran’s 15 neighbor countries will reach $32 billion in the current Iranian calendar year (ends on March 19, 2020), IRNA quoted the senior advisor to the industry, mining and trade minister as saying on Sunday.

IRISL ranks 14th among world’s top 100 shipping lines

TEHRAN – Islamic Republic of Iran Shipping Lines (IRISL) is ranked 14 in Alphaliner’s latest list of world’s top 100 shipping lines published on June 20, Tasnim news agency reported on Monday.

Zanganeh denies reports of decline in Iran’s oil exports

TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said on Monday that reports about recent declines in Iranian oil exports are not true.

$5b allocated to supply basic goods in a quarter

TEHRAN- Central Bank of Iran (CBI) Governor Abdolnaser Hemmati announced that the government has allocated $5 billion for importing basic goods during the first quarter of current Iranian calendar year (March 21-June 21), IRIB reported.

Govt. puts priority on people’s livelihood during sanctions: CBI governor

TEHRAN – The Central Bank of Iran (CBI) governor said addressing people’s livelihood is the government’s priority during the sanctions era, IRIB reported.

By Ebrahim Fallahi

Oil market shrugs off as tensions rise in Persian Gulf region

Despite what was expected, the oil market doesn’t seem to be moved drastically by the recent turbulences in the Persian Gulf region as Iran shot down a high-technology U.S. surveillance drone when it trespassed its borders in the politically sensitive Strait of Hormuz.

Iran, Ghana ink MOU for bolstering co-op between free zones

TEHRAN – Iranian Secretariat of Free Zones High Council signed a memorandum of understanding (MOU) with Ghana Free Zones Authority (GFZA) on Saturday for expanding economic cooperation, IRIB reported.

Industry ministry puts priority on boosting mineral exports

TEHRAN – Iranian industry, mining and trade minister said increasing exports from the mining sector to the neighboring countries has been put on the ministry’s agenda for the current fiscal year, ILNA reported on Saturday.

‘German companies ignore U.S. sanctions in trade with Iran’

TEHRAN – Dozens of German companies are still continuing their activities in Iran and keeping their offices in the country despite the rising pressures from the U.S. government, the Portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) reported on Saturday.

‘Russia prepared to help Iran for oil exports if INSTEX not realized’

TEHRAN - Russia is ready to help Iran with oil sales and its banking sector if the European trade mechanism is not launched, Interfax cited Russian Deputy Foreign Minister Sergei Ryabkov as saying on Friday.

130km of railways to connect new towns to major cities via electric trains

TEHRAN – Iran’s New Towns Development Company, a subsidiary of the roads and urban development ministry, announced that near 130 kilometers of new railways are going to connect the country’s new towns to the main cities by electric trains, IRIB reported.

Industry ministry unveils directive on re-injection of export income

TEHRAN – Following the Central Bank of Iran (CBI), the ministry of industry, mining and trade has issued a directive package which provides the country’s exporters with guidelines about how they should re-inject their foreign currency incomes into the country’s economy, IRNA reported on Thursday.

NIOC should focus on petro-refinery projects: Parl. Research Center

TEHRAN – The Research Center of Iran’s parliament said in a report that petro-refineries are two times more profitable than refineries and suggested that National Iranian Oil Company (NIOC)’s new refinery projects be defined as petro-refineries.

‘Establishing exports management companies in border regions a necessity’

TEHRAN – Iranian Industry, Mining and Trade Minister Reza Rahmani said establishing exports management companies in the border regions is a necessity for boosting exports to the neighboring countries, Shata reported on Thursday.

China continues buying Iranian LPG despite U.S. sanctions

TEHRAN – China is still importing liquefied petroleum gas (LPG) from Iran after the U.S. imposed sanctions on the country’s oil industry, Bloomberg reported citing the Paris-based energy researcher Kpler SAS.

OPEC, non-OPEC agree on holding next meeting on July 1-2

TEHRAN - The Organization of the Petroleum Exporting Countries announced on its website that the organization has agreed to move its next meeting to July 1, followed by a meeting with non-OPEC allies on July 2.

Water projects worth $166m being inaugurated in central Iran

TEHRAN – Eight water projects worth seven trillion rials (about $166.6 million) are being inaugurated in Isfahan Province, central Iran, by Energy Minister Reza Ardakanian during a three-day visit started on Wednesday, ILNA reported.

‘Iran will proudly pass through sanctions’

TEHRAN- Kaveh Zargaran, the secretary general of the Federation of Iranian Food Association, said the condition created by the sanctions on his country is temporary and Iran will proudly overcome this condition.

UK Gov’t Settles $1.6 Billion Dispute With Bank Mellat

The British government has settled a 1.25 billion pounds ($1.6 billion) damages claim brought by Iran’s largest private bank in an 11th-hour, out-of-court deal following a dispute over sanctions.

Iran gives conditional green light to rescheduling OPEC meeting

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh has agreed with rescheduling the upcoming OPEC meeting only if it is set to be on July 10-12, opposing the offer to postpone the meeting to July 3-4.

Iran providing Syria with technical training for labor market

TEHRAN – Iran has expressed readiness for providing Syria with technical training and support regarding the labor market policies and rehabilitation of rural employment, the portal of Iran’s ministry of cooperatives, labor, and social welfare reported on Tuesday.