Iran unveils domestically-made drilling rig

TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh unveiled a domestically-built drilling rig in a ceremony held in Khuzestan province, southwestern Iran on Tuesday.

Promoting domestic production a ‘must' in the sanctions era: Zanganeh

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh says promoting the country’s domestic production in various areas is a key to Iran’s economic development during the sanctions, Shana reported.

Inflation rate seen to fall to 20% next year

TEHRAN- Inflation rate in Iran is predicted to go down to under 20 percent in the coming Iranian calendar year (begins on March 19), Central Bank of Iran (CBI) Governor Abdolnaser Hemmati announced on Tuesday.

By Mahnaz Abdi

Iran should go big on Halal industry

Halal food has become a lucrative business in the global economy over the recent years and as announced by the World Halal Council (WHC) this industry is globally worth over $2.5 trillion.

‘Over 80% of petchem equipment can be made domestically’

TEHRAN – Head of Iran’s Persian Gulf Petrochemical Industry Company (PGPIC) says domestic companies are capable of manufacturing up to 80 percent of the equipment needed in the country’s petrochemical industry, Tasnim reported on Monday.

Iran’s gas condensate output up 5% in 10 months

TEHRAN – Managing director of Iran’s South Pars Gas Company (SPGC) said the country’s gas condensate output has increased by five percent in the first 10 months of the current Iranian calendar year (March 21, 2019-January 20, 2020).

RUSI acknowledges FATF being a political tool for U.S.

TEHRAN - The Royal United Services Institute (RUSI), in its latest report, acknowledges that the Financial Action Task Force (FATF) is politically oriented and acts as a leverage for the U.S. government.

TEDPIX notches record high of 472,000 points

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), posted a new record high on Sunday, as the index surpassed 472,000 points, IRNA reported.

Tehran to host exhibition on Iran’s technical, engineering capabilities

TEHRAN - Khatam-al Anbiya Construction Headquarters is going to host a national exhibition to showcase the technical and engineering capabilities of Iranian entities from February 22 to 26, IRNA reported.

‘Offering electricity at IRENEX to stabilize power prices’

TEHRAN – Managing Director of Iran Energy Exchange (IRENEX) says offering electricity at the energy exchange would centralize the country’s electricity trades and consequently balance the prices, IRNA reported.

6m barrels of oil, condensate to be offered at IRENEX this week

TEHRAN - National Iranian Oil Company (NIOC) is going to offer a total of six million barrels of oil and gas condensate at the international ring of the country’s energy exchange (IRENEX) during the current week, Mehr News Agency reported on Sunday, quoting an NIOC official.

Capital market able to meet 50% of oil industry’s investment needs: SEO head

TEHRAN – Head of Iran's Securities and Exchange Organization (SEO) Shapour Mohammadi says the capital market is able to meet more than 50 percent of the oil industry’s funding requirements, IRNA reported.

Over $30b needed for completing semi-finished petchem projects: Zanganeh

TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said more than $30 billion is required to complete unfinished petrochemical projects across the country, IRNA reported.

Iranian banks’ foreign assets up over 17%

TEHRAN - The total value of Iranian banks’ foreign assets by December 21, 2019, stood at 10.034 quadrillion rials (about $246.19 billion), registering a 17.3-percent rise compared with the corresponding period of last year.

By Ebrahim Fallahi

An oil-free economy: from words to deeds

TEHRAN – As one of the world’s oil-rich countries, Iran, for long, has been deeply relied on oil revenues for its economy and even all the governments which have come and gone since the Islamic Revolution in 1979, have based their economic policies upon oil while other areas remained deprived of the attention.

Foreign debt falls to $9.05b: CBI

TEHRAN – The latest report published by the Central Bank of Iran (CBI) puts the country’s foreign debt at $9.053 billion at the end of the ninth Iranian calendar month of Azar (December 21, 2019), down from $9.339 billion at the end of the last Iranian year.

By Mahnaz Abdi

Iran, India negotiating more on PTA

TEHRAN- Iran and India held a new round of negotiations on signing a preferential trade agreement (PTA) between the two sides, in Tehran on Wednesday and Thursday.

Iranian economy emerging from recession: central bank

TEHRAN - The governor of the Central Bank of Iran (CBI) said CBI’s major economic indicators show that the economy is emerging from a recession that began nearly two years ago when the United States imposed sanctions on Tehran.

Iran’s non-oil GDP growth seen to reach 1.8%: report

TEHRAN - Iran's gross domestic product, excluding the oil sector, is expected to register a positive growth rate of 1.8 percent in the current fiscal year (March 21, 2019-March 19, 2020), Majlis research center said in a report on Iran’s economy.

Trade with Iran rising despite pressures: Russian official

TEHRAN – The trade turnover between Iran and Russia has followed an upward trend in the past two years despite the challenging external conditions, Tass reported, quoting Russian Deputy Foreign Minister Igor Morgulov.

SP platforms 13A, 13C loaded at Bushehr yard

TEHRAN- Platform 13A and 13C of Iran’s South Pars gas field (in the Persian Gulf) were both loaded at Sadra yard in the southwestern province of Bushehr on Monday to be shipped toward their designated offshore place, Shana reported.

IMIDRO, NIORDC ink MOU for joint production of needle, sponge coke

TEHRAN - The National Iranian Oil Refining and Distribution Company (NIORDC) signed a memorandum of understanding (MOU) with Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) for joint production of sponge and needle coke in two of the country’s refineries.

Tehran, Islamabad ink MOU on electronic exchange of customs data

TEHRAN - Iran, and Pakistan signed a memorandum of understanding (MOU) for joint collaboration for the electronic exchange of information between the customs of the two countries, Tasnim news agency reported.

By Ebrahim Fallahi

E-Commerce Development Center launches system for monitoring businesses

TEHRAN – E-Commerce Development Center of Iran has officially launched a system for recording customers' complaints against e-commerce businesses in the country, the chairman of the center announced in a press conference held at the place of the Ministry of Industry, Mining and Trade on Sunday.

Iran-EAEU trade surpasses $1b since implementing FTA

TEHRAN- The value of trade between Iran and Eurasian Economic Union (EAEU)’s member states has exceeded $1 billion since the free trade agreement (FTA) between Iran and this union came into force in late October, according to an official with the Islamic Republic of Iran Customs Administration (IRICA).

Annual agricultural production anticipated to rise 6m tons

TEHRAN- Iran’s annual agricultural production is predicted to rise six million tons to 128 million tons in the current Iranian calendar year (ends on March 19, 2020), ILNA reported, quoting Mohammad-Ali Tahmasbi, the deputy agriculture minister for gardening affairs.

Iranian companies ink deal for establishing polyethylene unit

TEHRAN - Iran’s Petrochemical Research and Technology Company (PRTC) signed a deal with Tabriz Petrochemical Company on Saturday, for providing technical knowledge, design package and basic engineering services for the construction of the country’s first high-density polyethylene (HDPE) unit.

Railway projects worth $142m inaugurated across Iran

TEHRAN - Head of Islamic Republic of Iran Railways (known as RAI) said 56 railway infrastructure and service projects were inaugurated across the country on Sunday, on the occasion of the “Ten-Day Dawn” which marks the 41st anniversary of the Islamic Revolution in 1979.

Steel products output rises 97% in 10 months on year

TEHRAN- Iran’s major steel companies produced over 11.27 million tons of steel products during the 10-month period from March 21, 2019, to January 20, 2020, registering a 97-percent growth from the figure for the same period in the previous year, IRNA reported on Saturday.

NIOC awards development of 2 major oilfields to MAPNA

TEHRAN – Iran's top engineering and energy enterprise MAPNA Group signed a deal with National Iranian Oil Company (NIOC) on Saturday for the development of Parsi and Paranj oil fields in the southwestern province of Khuzestan.