Iran, Serbia ink trade, aviation & agro co-op MOUs

TEHRAN- During the 15th meeting of Iran-Serbia Joint Economic Committee in Belgrade on Thursday, the two countries signed three memorandums of understanding (MOUs) on trade, aviation, and agricultural cooperation, Shata news agency reported.

Zanganeh: OPEC decision based on 2016 output reduction agreement

OPEC output gain ‘nominal’

OPEC agreed on Friday to raise oil production by around 1 million barrels per day (bpd) from July for the group and its allies, an OPEC source said.

Daily gasoline output up 18m liters in 3-month on year

TEHRAN- Daily production of gasoline in Iran has increased by 18 million liters during the three-month period started from the beginning of current Iranian calendar year (March 21) compared to the same period of time in the past year, according to the managing director of National Iranian Oil Products Distribution Company (NIOPDC).

Tehran-Damascus seriously determined to strengthen banking, customs co-op

TEHRAN- In a meeting in Tehran on Tuesday, Iranian Finance and Economic Affairs Minister Masoud Karbasian and Syrian Economy and Foreign Trade Minister Mohammad Samer al-Khalil expressed their countries’ strong will for the expansion of bilateral economic and trade ties specially in banking and customs sectors.

OPEC not an organization to receive instruction from Trump: Zanganeh

TEHRAN- “OPEC is not the organization to receive instruction from President Trump”, Iranian Oil Minister Bijan Namdar Zanganeh stated. “OPEC is not part of the Department of Energy of the United States,” the Iranian minister told reporters on Tuesday after arriving in Vienna, where OPEC is headquartered, Reuters reported.

Tehran hosting Iran’s 12th International Energy Conference

TEHRAN - As Iran’s greatest annual energy event, the 12th International Energy Conference (IEC) kicked off on Tuesday in Tehran, IRIB reported.

Over 90 foreign companies participating in Iran Rail Expo 2018

TEHRAN – Over 90 foreign companies are attending the 6th International Exhibition of Rail Transportation, Related Industries & Equipment of Iran (Iran Rail Expo 2018) which kicked off on Tuesday at the Tehran Permanent International Fairgrounds.

Iran inaugurates national diesel engine production line

TEHRAN- Production line of domestically-manufactured 1,300-horsepower diesel engine was launched on the sidelines of the 6th International Exhibition of Rail Transportation, Related Industries & Equipment of Iran (Iran Rail Expo 2018) in Tehran on Tuesday.

NDF pays $5b of facilities to 158 development projects in a year

TEHRAN- During the previous Iranian calendar year (ended on March 20, 2018), Iran’s National Development Fund (NDF) paid $5 billion of facilities to 158 domestic development projects, IRNA reported on Monday.

By Ebrahim Fallahi

OPEC’s big test: A choice between right and wrong

As the Organization of Petroleum Exporting Countries (OPEC) prepares to meet later this week in Vienna, tension is rising among some of the cartel’s biggest members on what is said to be one of OPEC’s biggest decisions since its establishment.

Iran to veto Saudi-proposed supply boost along with Venezuela, Iraq

TEHRAN - Iran’s representative to OPEC, Hossein Kazempour Ardebili, said Iran along with Venezuela and Iraq is going to veto Saudi Arabia’s proposal to increase oil production in cartel’s June 22 meeting in Vienna.

By Haniyeh Sadat Jafariyeh

Iran at SCO: Role, achievements, and goals

Nearly a month after the U.S. withdrawal from the Joint Comprehensive Plan of Action (JCPOA), leaders from the Shanghai Cooperation Organization (SCO) met in Qingdao, China, to set the roadmap for the future.

IRIR receives its first domestically-made rail cargo

TEHRAN – Iranian Esfahan Steel Company (ESCO) has prepared and delivered the first cargo of Islamic Republic of Iran Railway (IRIR)’s rail orders (known as national rail) to IRIR on the occasion of Eid-al-Fitr.

By Mahnaz Abdi

TSE index hit a 50-year record high of 102,000 points

TEHRAN - Players in Iran’s capital market witnessed a historical record in growth of Tehran Stock Exchange (TSE)’s main index (TEDPIX) which gained 3,306 points to hit 102,452 points on Sunday, something unprecedented in the 50-year history of the country’s stock market.

Iran ready to set up IMO technical co-op offices in region

TEHRAN- Iran is ready to establish technical cooperation offices of the International Maritime Organization (IMO) in the region, the country’s Port and Maritime Organization (PMO) Head Mohammad Rastad announced.

Construction of Iran’s longest freeway to be completed in 2 years

TEHRAN - The construction of Iran’s longest freeway is planned to be completed within the next two years, according to the deputy director for construction and development in Iran’s Construction and Development of Transportation Infrastructures Company (CDTIC).

Over $10.6b allocated for renewing road transport fleet

TEHRAN – Iran allocated a maximum of $10.66 billion funding for renewing the country’s road transport fleet, IRNA reported referring to the data announced by the country’s Budget and Planning Organization.

Stock market index closes at near 100,000 points

TEHRAN- Tehran Stock Exchange (TSE)’s main index (TEDPIX) gained 2,767 points to 99.146 on Wednesday, IRNA reported.

India’s oil imports from Iran rise to highest since 2016

TEHRAN- India’s imports of oil from Iran increased to about 705,000 barrels per day (bpd) in May, which is the highest level since 2016, Reuters reported citing the data from shipping and industry sources.

Iran’s oil production up 6,000 bpd in May: OPEC

TEHRAN- According to OPEC’s latest monthly report published on June 12, oil production in Iran stood at about 3.829 million barrels per day (bpd) in May, an increase of 6,000 bpd from 3.823 million bpd in April, based on secondary sources.

Co-op agreement on air transportation inked between Iran, Kyrgyzstan

TEHRAN- Iran and Kyrgyzstan signed an agreement to boost cooperation on air transportation, the head of Public Relations Department of Iran Civil Aviation Organization (CAO) Reza Jafarzadeh announced, IRIB reported on Monday.

By Mahnaz Abdi

EU’s efforts to maintain trade with Iran a clear defeat for U.S.

TEHRAN- Iran’s Trade Promotion Organization (TPO) Head Mojtaba Khosrotaj said the European Union’s endeavors to preserve and continue trade ties with Iran is an obvious sign of defeat for the U.S. that has withdrawn from Iran’s nuclear deal.

Iran, China agree on using national currencies in trade

TEHRAN - Iran and China signed a memorandum of understanding (MOU) based on which both sides will use national currencies in their trade transactions.

Exports of oil, gas condensate hit 2.7m bpd in May

TEHRAN- Iran exported 2.7 million barrels per day (bpd) of oil and gas condensate averagely in May, Shana news agency reported.

Italy main export market of Iranian products during March-May

TEHRAN- According to the latest data released by the Islamic Republic of Iran Customs Administration (IRICA), during the first two months of the present Iranian calendar year 1397 (March 21- May 21, 2018), Iran’s exports of goods to Italy increased 156.56 percent in comparison with the same time in the preceding year, making the European country the top destination for Iranian exports.

Persian Gulf Star Refinery’s 1st LPG consignment traded in IRENEX

TEHRAN- Persian Gulf Star Refinery’s first consignment of liquefied petroleum gas (LPG) was traded in Iran Energy Exchange (IRENEX) on Sunday, Shana news agency reported.

U.S. exports to Iran grow 77% in 4 months

TEHRAN- According to the latest report of American Statistical Association (ASA), Iran’s imports of the U.S. products grew 77 percent in the first four months of 2018 in comparison with the same period in 2017.

Cargo transport via railway hits 47m tons in a year

TEHRAN- Some 47 million tons of cargo were transported via railway in Iran during the past Iranian calendar year 1396 (ended on March 20), Saeed Rasouli, an official in the Islamic Republic of Iran Railways (known as RAI), announced.

Installation of 6 South Pars platforms projected by Mar. 2019

TEHRAN- Based on the planning made by Pars Oil and Gas Company (POGC), which is in charge of developing Iran’s South Pars Gas Field in the Persian Gulf, six platforms will be installed on their designated offshore spots in different development phases of the field by the end of current Iranian calendar year (March 20, 2019), a director in POGC announced.

Iran says OPEC won’t comply with U.S. request for Saudi output hike

TEHRAN - Iran’s OPEC Governor Hossein Kazempour Ardebili on Friday slammed the U.S.’s request for Saudi Arabia to pump more oil so that it could cover a drop in Iranian exports, saying that OPEC would not comply with such requests.