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.

Over 730,000 tons of basic goods unloaded at Shahid Rajaee Port in 80 days

TEHRAN- Over 730,000 tons of basic commodities have been unloaded at Iran’s largest container port, Shahid Rajaee, during the 80-day period from the beginning of current Iranian calendar year (March 21), Director General of Ports and Maritime Department of Hormozgan Province Allah-Morad Afifipour announced.

Projects underway to boost annual cooper concentrate output by 450,000 tons

TEHRAN- Projects have been already started for increasing the country’s annual production of copper concentrate by 450,000 tons, IRIB quoted Ardeshir Sa’d-Mohammadi, the managing director of Iran’s National Copper Company, as saying.

Agrofood 2019 exhibition running in Tehran

TEHRAN- The 26th International Exhibition of Food, Food Technology and Agriculture of Iran (Agrofood 2019), kicked off on Tuesday at the Tehran Permanent International Fairgrounds, IRIB reported.

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.

Annual exports of decorative, facade stones at $350m

TEHRAN – Iran exported $350 million worth of decorative and facade stones during the past Iranian calendar year (March 2018-March 2019) IRNA reported quoting Malek Rahmati, the vice-president of the Iranian stone association.

Iran, Russia ink 8 co-op MOUs in 15th Joint Economic Committee meeting

TEHRAN –Iran and Russia signed eight memorandums of understanding (MOUs) in the last day of the 15th Iran-Russia Joint Economic Committee meeting which was wrapped up on Tuesday in Isfahan.

Tehran hosts conference on Iran-Oman-Qatar trade opportunities

TEHRAN- In a conference held in Tehran on Tuesday, Iran, Oman and Qatar investigated economic and trade opportunities, IRIB reported.

‘Shares of some large state-run companies to be divested in coming days’

TEHRAN- Iranian Privatization Organization (IPO) will offer shares of some large state-run companies to the private sector in the coming days, the organization head announced on Monday.

NIGC calls for proposals addressing technological issues in gas industry

TEHRAN – National Iranian Gas Company (NIGC) is holding a reverse pitch panel to address the industry’s technological issues, and to benefit from the capabilities and capacities of the Iranian companies and academics active in the industry.

‘Expansion of economic ties with neighbors a priority in sanctions time’

TEHRAN- Development of economic relations with the neighboring countries is a priority for Iran under the sanctions condition, IRNA quoted Iranian Energy Minister Reza Ardakanian as saying on Monday.

Iran to replace its World Bank representative soon

TEHRAN - Iran is said to be planning to replace its envoy to the World Bank in near future, Tasnim news agency reported on Monday.

TPO holding seminar on Iran, Russia trade capacities in food, agriculture

TEHRAN – Iranian Trade Promotion Organization (TPO) is going to hold a seminar on identifying the trade capacities of Iran and Russia in agriculture and food industry today in Tehran, the organization announced.

IMIDRO to establish consortium to accelerate exploration projects

TEHRAN – Head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said the organization is planning to establish a consortium in order to accelerate exploration projects in the mining sector.

Iran elected as vice-president of PIANC’s marine engineering committee

TEHRAN – The chairman of the board of Iranian Coastal and Marine Structural Engineering Association (ICOMSEA) Babak Bani-Jamali has been selected as the new vice-president of the marine engineering committee of the World Association for Waterborne Transport Infrastructure (known as PIANC).

Issuance of industrial unit establishment permits rises 25% in 2 months

TEHRAN- Issuance of permits for setting up industrial units in Iran increased 25 percent during the first two months of the current Iranian calendar year (March 21-May 21) compared to the same period of time in the past year, IRNA reported on Sunday citing the data released by the Ministry of Industry, Mining and Trade.

Shafeie reinstated as head of ICCIMA

TEHRAN – The board of representatives of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) selected Gholam-Hossein Shafeie as the head of the chamber for the ninth round of presidency.

Agricultural production set to rise significantly: minister

TEHRAN – Iranian Agriculture Minister Mahmoud Hojjati said the country is expected to experience a significant increase in agricultural production due to sufficient rainfalls this year (March 2019-March 2020), Tasnim reported on Saturday.

By Ebrahim Fallahi

Oil market should expect oversupply in 2020, IEA says

TEHRAN – In its latest monthly oil market report called “2020 vision”, the International Energy Agency (IEA) said the “relentless” growth in U.S. production is going to significantly disrupt the supply and demand balance in the global oil market.

Iran’s ceramics, tile exports up 10% year on year

TEHRAN - Head of the Iranian Ceramic-Tile Producers Syndicate (IRCPS) said the country’s ceramic and tile exports in the Iranian calendar year of 1397 (ended on March 20, 2019) increased by 10 percent compared to its preceding year.

Iran, Russia take new steps for expansion of trade ties

TEHRAN– The 15th Iran-Russia Joint Economic Committee meeting and the second Iran-North Caucasus trade conference started on Sunday in Tehran, IRNA reported.

Tehran hosting International Forum on Islamic Capital Markets

TEHRAN- The 11th International Forum on Islamic Capital Markets (ICM) is being held in Tehran with participation of 28 representatives from 15 countries, IRIB reported.

IRENEX to hold 3rd round of heavy crude oil offering on Tuesday

TEHRAN- National Iranian Oil Company (NIOC) will offer two million barrels of heavy crude oil at Iran Energy Exchange (IRENEX) on Tuesday, Shana reported.

Annual crude steel output to hit 30m tons by March 2020

TEHRAN- Iranian Deputy Industry, Mining and Trade Minister Jafar Sarqini announced that the country’s annual crude steel production is planned to reach 30 million tons in the current Iranian calendar year (ends on March 19, 2020).

WB sees impact of U.S. sanctions on Iran ‘wane’ in 2020-21

TEHRAN- The World Bank (WB) in its latest world economic outlook report “Global Economic Prospects”, predicts a 0.9 percent growth of gross domestic product (GDP) for Iran in 2020, indicating that the impact of the U.S. sanctions will ease in the mentioned year.

15th Iran-Russia Joint Economic Committee meeting kicks off today

TEHRAN– The 15th Iran-Russia Joint Economic Committee meeting and the second Iran-North Caucasus trade conference are due to kick off today in Tehran and Isfahan respectively, IRNA reported.

Iran's biggest gas storage center launched

TEHRAN – Iran’s biggest gas storage center was inaugurated in an official ceremony in Khorasan Razavi Province in northeastern Iran on Friday, Shana reported.

Iran’s Exchange Stars League becomes international

TEHRAN- “Iran’s Exchange Stars League become international as we have requests for participation in the third round of the completion from some foreign universities”, an official with Iran’s Securities and Exchange Organization (SEO) announced in a press conference on Saturday.

‘Neighboring countries destinations of half of annual non-oil exports’

TEHRAN- Half of Iran’s non-oil exports was to its neighboring countries in the past Iranian calendar year (ended on March 20, 2019), Saeed Zarandi, the deputy industry, mining and trade minister for planning, announced in a press conference on Saturday.