Regulations on implementation of oil projects approved

TEHRAN – The issue of implementing Iran's oil projects by domestic contractors was discussed in the 38th session of the country's Supreme Council of Economic Coordination on Saturday and rules and regulations pertain to the subject were approved by the council.

By Mahnaz Abdi

IFB base market’s amended regulations for more transparency, efficiency

TEHRAN- The amendments made in the regulations of the base market of Iran's over-the-counter (OTC) exchange market, known as Iran Fara Bourse (IFB), are aimed to boost transparency and also efficiency in this market, IFB Managing Director Amir Hamooni said in a press conference on Saturday.

IRGC wing to construct artificial island

TEHRAN – The Khatam al-Anbiya Construction Base, a business conglomerate and the construction wing of the Islamic Revolution Guards Corps (IRGC), plans to build an artificial island in the Persian Gulf, near Kish Island, a free zone.

Iran targets $50b in exports to neighboring countries

TEHRAN – Iranian Deputy Industry Minister Hossein Modares Khiabani said his ministry has it on the agenda to increase the value of exports to Iran’s 15 neighbors up to $50 billion, Tasnim news agency reported on Saturday.

Iranian bank to open branch in India

TEHRAN – Iran’s Bank Pasargad is going to open a branch in India in the next couple of months to help boost trade between the two countries by providing a channel to bypass the U.S. sanctions which have blocked international banking channels, Financial Express reported.

Iran’s petchem output to exceed 100mt by 2021: Zanganeh

TEHRAN – Iran's annual petrochemical output is expected to reach more than 100 million tons by 2021, despite U.S. sanctions, Press TV reported on Thursday, quoting Iranian Oil Minister Bijan Namdar Zanganeh as saying.

Trade deal between Iran, EAEU to take effect in late October: sources

TEHRAN - A trade agreement between Iran and the Eurasian Economic Union (EAEU) will officially come into force on October 27, Press TV reported citing Russian media and remarks by Iranian Energy Minister Reza Ardakanian.

Iran, Syria determined to expand trade ties

TEHRAN – Iran and Syria’s first joint trade committee meeting was held in Damascus on Wednesday, during which the two sides stressed their willingness for further expansion of economic ties.

Iran appoints new commercial attaché in Iraq’s Basra

TEHRAN – The new acting head of Iran’s Trade Promotion Organization said Iran has dispatched a second commercial attaché to Iraq's Basra City, Tasnim news agency reported on Friday.

NIOPDC offers 1000 tons of gasoil at IRENEX

TEHRAN - National Iranian Oil Products Distribution Company (NIOPDC) offered 1000 tons of gasoil at the base price of $567 at the international ring of Iran Energy Exchange (IRENEX) on Tuesday, ILNA reported.

Domestic investment in Iran’s free zones up nearly 40%

TEHRAN - The secretary of Iranian Free Zones High Council said domestic investment in the country’s free economic, industrial zones increased nearly 40 percent in the past Iranian calendar year of 1397 (ended on March 20), IRIB reported on Tuesday.

By Mahnaz Abdi

Strengthened political ties, now a surging trade between Iran, Oman

According to the data released by the Islamic Republic of Iran Customs Administration (IRICA), the value of trade between Iran and Oman has increased to $870 million during the first seven months of this year from $557 million in the same period of time in the past year.

Oil output could easily be restored to pre-sanction levels: Zanganeh

TEHRAN - Iran’s Oil Minister Bijan Namdar Zanganeh has denied the idea of U.S. sanctions’ long-term impact on the country’s oil production and exports capacity, saying output could be back to normal very quickly once the sanctions are removed.

No budget deficit in current year: PBO head

TEHRAN – Head of Iran’s Planning and Budget Organization (PBO) said despite the decrease in the country’s oil revenues the country won’t face any budget deficit in the current calendar year (ends on March 19, 2020).

By Ebrahim Fallahi

Washington's plots and threats not to scare away Iranian oil buyers

TEHRAN – Nearly 10 days after the release of Iranian super tanker Grace 1 by the Gibraltar court, despite all the U.S. warnings that anyone dealing with the Iranian oil tanker would face sanctions, Iran announced that the supertanker’s 2 million-barrel cargo has been sold and the vessel is heading to a destination determined by the buyer.

Tehran, Yerevan stress expansion of banking ties

TEHRAN – In a meeting in Yerevan on Tuesday, Iranian Ambassador to Armenia Kazem Sajjadi and Governor of Central Bank of Armenia Arthur Javadyan stressed the need for expansion of banking ties between the two countries, IRNA reported.

Iran to hold pavilion at 2 intl. exhibitions in Uzbekistan

TEHRAN – Iran’s Trade Promotion Organization (TPO) is planning to open Iranian pavilion at two of Uzbekistan’s most renowned international exhibitions which are due to be held in early October and early November.

Govt. launches project to build 110,000 affordable housing units

TEHRAN – Iranian President Hassan Rouhani officially launched the government’s National Action Plan for Construction and Supply of Housing on Tuesday, inaugurating a project for constructing 110,000 affordable housing units.

NIOC plans 10 major oil, gas exploration projects

TEHRAN – National Iranian Oil Company (NIOC) has introduced 10 major oil and gas exploration projects in the company’s Exploration Directorate which are moving forward based on schedule, IRNA reported on Monday.

NIDC digs 124 oil, gas wells in a year

TEHRAN- National Iranian Drilling Company (NIDC) has dug 124 oil and gas wells across the country during the past year, Shana reported quoting the managing director of the company as saying on Sunday.

Steel products output up 11.6% in 4 months on year

TEHRAN- Production of steel products in Iran has risen 11.6 percent during the first four months of the current Iranian calendar year (March 21-July 22), from that of the same period of time in the past year, IRNA reported citing the data released by the Industry Ministry.

Projects worth over $330m to be inaugurated in free zones

TEHRAN – On the occasion of the Government Week (August 24-30) 100 development projects worth 14 trillion rials (about $333.3 million) are due to be inaugurated in Iran’s free trade, industrial zones, IRIB reported on Monday citing Iranian Secretariat of Free Zones High Council.

Iran seeks to revive oil pipeline across Iraq to Syria amid sanctions: source

TEHRAN – Tehran has discussed with Baghdad the possibility of reopening a pipeline linking Iran and Syria through Iraqi territory to circumvent sanctions.

84% of rural areas connected to gas network: Zanganeh

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said 84 percent of the country’s rural areas are supplied with gas through national gas network, IRIB reported.

Russia to link banking system with Iran: envoy

TEHRAN - Russia’s Ambassador to Iran Levan Dzhagaryan said on Sunday that Russia and Iran are going to connect their banking systems in near future, IRNA reported.

Iran’s leading automaker knows its new CEO

TEHRAN - Iran’s biggest automaker Iran-Khodro Company (IKCO)’s board of directors has elected Deputy Industry Minister Farshad Moqimi as the company’s new CEO, IRIB reported on Monday.

ICCIMA hosts Iran-Bulgaria business forum

TEHRAN – Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) hosted an Iran-Bulgaria business forum on Saturday in which the two sides explored ways of expanding economic cooperation, ICCIMA portal reported.

Industry ministry takes major steps for promoting domestic production, exports

TEHRAN – Iran’s Ministry of Industry, Mining and Trade has implemented several programs for promoting domestic production and increasing exports in the current Iranian calendar year.

By Mahnaz Abdi

Technical, engineering services export, a privilege to boost foreign trade

According to the Association of Iranian Exporters of Technical and Engineering Services, Iran has the potential and capability to export technical and engineering services worth $25 billion in a year.

10 major dams to go operational by yearend

TEHRAN – Iranian Energy Minister Reza Ardakanian said 10 major dams are going to be inaugurated in nine provinces across the country by the end of the current Iranian calendar year (March 19, 2020).