NPC, IDRO ink cooperation memorandum

TEHRAN – Iran’s Industrial Development and Revolution Organization (IDRO) signed a memorandum of understanding (MOU) with National Petrochemical Company (NPC) for supplying the equipment required in petrochemical industry’s downstream sector.

Italian pavilion at ATMAK I FARM exhibition

Italy is the only foreign country participating, with a national pavilion, at Atmak I Farm exhibition 2019 in Tehran (International Exhibition of Agriculture, Irrigation Systems, Agriculture Machinery, Inputs, Horticulture and Gardening, and Related Industries) from 24th till 27 September 2019.

EAEU Business Council, ICCIMA ink cooperation MOU

TEHRAN – Iranian Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) signed a memorandum of understanding (MOU) with the Eurasian Economic Union (EAEU) Business Council, on Wednesday, for mutual cooperation.

Domestic companies ink $1.2b port development deal

TEHRAN –Iran’s private sector has signed a 50-trillion-rial (nearly $1.2 billion) contract for developing Shahid Rajaie port in southern Iran, IRNA reported, quoting the head of Hormozgan Province Ports and Maritime Department as saying on Tuesday.

Iran Plast 2019: a showcase for Iranian petchem power

TEHRAN – After four busy days, the 13th edition of Iran’s International Exhibition of Plastic, Rubber, Machinery and Equipment (IRAN PLAST 2019) was finally wrapped up on Wednesday.

Forming ministry of trade and commercial services a must: official

TEHRAN – Iran’s deputy industry, mining and trade minister in parliament affairs said establishing a separate ministry for trade and commercial services is a requirement for handling such affair in the country, Shata reported on Tuesday.

Minerals extraction at 500m tons in a year

TEHRAN- Iranian Industry, Mining and Trade Minister Reza Rahmani put the country’s minerals extracted in the past Iranian calendar year (ended on March 20, 2019) at 500 million tons, IRNA reported.

BY: Ebrahim Fallahi

‘Iran pushing to double petrochemical production by 2025’

TEHRAN - Nowadays, petrochemical industry is playing a crucial role in Iran's non-oil economy. According to official data, petrochemical exports constitute the second largest hard currency earner in Iran after crude oil. Petrochemical exports already make up nearly 33 percent of the country’s non-oil exports.

‘Syria needs Iran as a real friend for its reconstruction’

TEHRAN- Syrian Minister of Petroleum and Mineral Resource Ali Suleiman Ghanem said that his country welcomes presence of Iranian companies in the Syrian projects, reiterating that Syria needs Iran as a real friend for its reconstruction, IRNA reported.

Iran ready to reconstruct Syria’s oil, petchem industries: Zanganeh

TEHRAN- During his meeting with Syrian Minister of Petroleum and Mineral Resource Ali Suleiman Ghanem on Tuesday, Iranian Oil Minister Bijan Namdar Zanganeh expressed his country’s readiness to contribute to reconstruction of oil and petrochemical industries in Syria, IRIB reported.

Loading, unloading of cargos at Iran's ports rise 3.6% in 6 months

TEHRAN- Loading and unloading of commodities at the ports of Iran have risen 3.6 percent during the first half of the current Iranian calendar year (March 21-September 22) compared to the first half of the past year, ISNA reported on Tuesday.

Passenger transport via railway up 5% in H1

TEHRAN- Passenger transportation via railway network has increased 5.3 percent in Iran during the first half of the current Iranian calendar year (March 21-September 22) compared to the same period of time in the past year, the deputy director of Islamic Republic of Iran Railways for passenger affairs told ISNA.

By Mahnaz Abdi

Private sector disapproving of trade law amendment bill

TEHRAN- On September 1, Iranian parliament (Majlis) approved a bill on amending the country’s trade law.

IRICA opens office at Tehran Permanent International Fairgrounds

TEHRAN – Islamic Republic of Iran Customs Administration (IRICA) has opened a representative office at Tehran Permanent International Fairgrounds in order to facilitate custom operations for exhibitors and participants of international exhibitions in the country.

Nearly €8b of non-oil income injected to NIMA in H1

TEHRAN - Iran’s non-oil exporters injected €7.98 billion of their revenues into the Forex Management Integrated System, locally known as NIMA, during the first half of the current Iranian calendar year (March 21-September 22).

By Mahnaz Abdi

Chabahar-Zahedan railway project requires private sector’s contribution

Connecting the ports to the railway network is an issue seriously emphasized and followed up by Iran over the recent years, as the country is strongly pursuing the objective of boosting exports and transit via its ports.

Iran exports over $160m worth of oil products via IRENEX in a week

TEHRAN – National Iranian Oil Company sold 450,000 tons of oil products worth $160.656 million at the international ring of Iran Energy Exchange (IRENEX) during the week ended on September 20, IRIB reported.

Iran’s currency value stable despite new U.S. sanctions

TEHRAN – Iran’s national currency rial has been holding firm over the past few days despite the new U.S. sanctions which have targeted the country’s central bank and its sovereign wealth fund, Press TV reported.

Industry ministry to eliminate nearly $10b of imports by 2023

TEHRAN - Iranian industry minister said by the Iranian calendar year of 1402 (starts in March 2023) nearly $10 billion worth of imports in the country’s industrial sector will be prevented by replacing them with domestically-made products.

IRAN PLAST 2019 kicks off in Tehran

TEHRAN- Iran’s 13th International Exhibition of Plastic, Rubber, Machinery and Equipment (IRAN PLAST 2019) kicked off at the Tehran International Permanent Fairground on Sunday, Shana reported.

NIGTC indigenizes new technology to maintain high pressure pipelines

TEHRAN – National Iranian Gas Transmission Company (NIGTC) has localized the technological know-how of repairing high pressure gas pipelines using composite wrapping, Shana reported on Saturday.

IRENEX to hold 9th 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, ISNA reported. The base price for this round of offering, which is the ninth round, is $54.33 per barrel.

‘Iran to become a major rail manufacturer in region’

TEHRAN - Iranian Transport Minister Mohammad Eslami said the country will become a major rail track producer in the region in near future, IRNA reported.

India renews efforts to persuade U.S. into lifting Iranian oil sanctions

TEHRAN- Following the recent attacks on Saudi Aramco’s oil installations, which have led to disruptions in supplies from Saudi Arabia, Indian authorities have renewed their efforts to persuade the United States to lift sanctions on imports of oil from Iran, Press TV reported.

‘Banks to offer $23.8b of loans to production units by Mar. 2020’

TEHRAN- Central Bank of Iran (CBI)’s governor announced that one quadrillion rials (about $23.809 billion) of banking loans will be granted to the production units in the country by the end of current Iranian calendar year (March 19, 2020), Mehr news agency reported on Thursday.

Iran-Turkey trade possible to reach $30b despite U.S. sanctions

TEHRAN- During the 27th meeting of Iran-Turkey Joint Economic Committee, which was held in Ankara from September 16 to 18, the two sides investigated different ways of reaching the targeted $30-billion bilateral trade and reiterated that reaching this figure is possible despite the pressures of the U.S. sanctions.

EOGPC to boost oil production in northeastern Iran

TEHRAN – Managing Director of East Oil and Gas Production Company (EOGPC), a subsidiary of Iranian Central Oil Fields Company (ICOFC) in eastern Iran, said with two new wells being drilled, over 2.5 million cubic meters will be added to the company’s gas production in the region by the end of autumn (December 21).

Mureza Auto Company to distribute Iranian cars in South Africa

TEHRAN - Mureza Auto Company, an African car brand registered in Zimbabwe and South Africa, plans to assemble and distribute Iranian developed vehicles in Southern Africa through a joint venture with Iran’s SAIPA Group based in Tehran.

Oil not to be used as a weapon to achieve political goals: Zanganeh

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said oil should not be used as a weapon for achieving political agendas, IRIB reported.

Iran, Turkey mulling over trade via national currencies: CBI governor

TEHRAN –In a meeting between Iran and Turkey’s presidents on Monday in Ankara, the two sides stressed expansion of economic and banking ties and emphasized the need for following up on a plan for trade via national currencies, the governor of the Central Bank of Iran (CBI) said.