Iran to hold 3 specialized exhibitions in Iraq by June 21

TEHRAN – Three specialized Iranian exhibitions are due to be held in Iraq during the current Iranian month of Khordad (May 22-June 21), the portal of Trade Promotion Organization (TPO) reported quoting the Iranian commercial attaché to Iraq.

Rouhani invited to attend GECF meeting in Equatorial Guinea

TEHRAN – Equatorial Guinea (EG) president has officially invited his Iranian counterpart President Hassan Rouhani to attend the 5th meeting of the Gas Exporting Countries Forum (GECF), Shana reported.

‘EGFI to sign co-op MOUs with foreign partners soon’

TEHRAN – Head of Export Guarantee Fund of Iran (EGFI) said EGFI is due to sign memorandums of understanding (MOU) for cooperation with some foreign partners in near future, IRIB reported on Sunday.

BY: Ebrahim Fallahi

China is Trump’s “safety valve” in disrupted oil market

In the past few weeks the oil market has been witnessing great volatility, as the quivers of the U.S.-China trade war once again hit the fragile market.

Uzbekistan eager for expansion of trade ties with Iran: envoy

TEHRAN - Uzbekistan Ambassador to Tehran Bakhodir Abdullaev said his country is eager for expansion of mutual economic ties with Iran, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.

Iran, India launch new direct shipping route

TEHRAN –Iran and India launched their third direct shipping route to connect Iran’s port city of Qeshm to the Indian port of Kandla, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported on Sunday.

By Mahnaz Abdi

Producers to be more supported, encouraged

The current Iranian calendar year of 1398 is named as the year of "Pickup in Production" by Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei.

Monthly aluminum ingot output at over 20,000 tons

TEHRAN- Iran produced 20,400 tons of aluminum ingots during the first month of current Iranian calendar year (March 21-April 21), IRNA reported on Saturday.

Italy eager for co-op with Iranian auto part makers

TEHRAN – Auto part makers from Italy have expressed readiness for cooperation with their Iranian counterparts, Mehr news agency reported on Friday.

Afghanistan’s oil ministry denies rumors of stopping oil imports from Iran

TEHRAN - Afghanistan ministry of oil and gas rejected reports claiming that the country has stopped crude imports from Iran, Fars news agency (FNA) reported.

Iran, Russia explore ways of expanding railway co-op

TEHRAN - Saeed Rasouli, the head of Islamic Republic of Iran Railways (known as RAI), met with Russian Railways (RZD) Vice President Alexander Misharin in Tehran to discuss ways of expanding cooperation, the RAI website reported.

Iran’s 4-month non-oil exports to China stands at $6b

TEHRAN- Iran’s value of non-oil exports to China reached $6 billion in the first four months of 2019, down 20 percent compared to the same period last year, Tasnim reported on Friday, citing the Chinese customs data.

NIOC to offer 2m barrels of heavy crude at IRENEX in late May

TEHRAN- National Iranian Oil Company (NIOC) will offer two million barrels of heavy crude oil at the base price of $64.23 at the international ring of Iran Energy Exchange (IRENEX) on May 28, Shana reported.

By Mahmood Khaghani

From Bazaar to Bourse

On 20th May 2019, the Shana news agency reported that NIOC on the instructions of the Ministry of Petroleum will undertake, pursuant to the current Iranian year budget law, a sales programme of six million barrels per month of Iranian Light and Heavy Crude Oil and Iranian gas condensates on the IRENEX exchange platform. These sales will be priced in US dollars against UK Brent/BFOE (BWave) and Dubai US $ price benchmarks. I am unaware of any reason why this programme should be any more successful than the last, but it is possible that potential buyers have been discreetly found who are willing and able to buy this material.

‘Near $13b paid for development projects in a year’

TEHRAN - Head of Iran Planning and Budget Organization (PBO) Mohammad Baqer Nobakht said the government paid 543.99 trillion rials (about $12.952 billion) for the country’s development projects in the past Iranian calendar year (ended on March 20, 2019).

10th round of oil offering at IRENEX ends with no sales

TEHRAN – The 10th round of National Iranian Oil Company (NIOC)’s light crude oil offerings at Iran Energy Exchange (IRENEX) ended on Tuesday with no sales, ILNA reported.

Annual exports from Hormozgan Province at $16.5b

TEHRAN- Commodities worth $16.5 billion were exported from Hormozgan Province in south of Iran during the past Iranian calendar year (ended on March 20, 2019), head of the province’s Industry, Mining and Trade Department announced.

119 gas supply projects inaugurated, commissioned by Rouhani

TEHRAN – Following the visit of Iranian President Hassan Rouhani to West Azarbaijan Province, 119 gas supply projects worth about $14.8 million were started or inaugurated across the province, Shana reported on Wednesday.

Mining sector in Iran needs €18b investment: IMIDRO

TEHRAN – The head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said the country’s mining sector currently requires 18 billion euros of investment, IRNA reported.

Development projects worth $1b inaugurated

TEHRAN- Iranian President Hassan Rouhani launched and inaugurated some development, service, and infrastructure projects worth 44.65 trillion rials (about $1.063 billion) in West Azarbaijan Province.

Iran, Russia discuss holding 15th Joint Economic Committee meeting

TEHRAN – Iranian Energy Minister Reza Ardakanian and his Russian counterpart Alexander Novak discussed issues pertain to the two countries 15th Joint Economic Committee meeting over phone, IRIB reported on Tuesday.

‘All necessary measures taken to launch organized forex market’

TEHRAN- Iranian finance and economic affairs minister announced that all necessary measures have been taken for launching an organized forex market, IRNA reported.

Chabahar exemption from sanctions really contributory for Afghan, Indian economies?

Despite what it appears at first glance, the U.S. is not going to help the people of Afghanistan through what is called “Chabahar Port’s exemption from sanctions”, but it in fact increases the transit costs of their commodities by imposing sanctions on Iran and consequently putting further restrictions on Afghan merchants.

Offering oil at IRENEX to continue: Zanganeh

TEHRAN- Iranian Oil Minister Bijan Namdar Zanganeh said National Iranian Oil Company (NIOC) will continue the process of offering crude oil at Iran Energy Exchange (IRENEX), IRIB reported.

Fishery output anticipated to reach 455,000 tons by March 2020

TEHRAN- Iran’s annual fishery output is anticipated to reach 455,000 tons in the current Iranian calendar year (ends on March 19, 2020), according to a deputy at Iran’s Fishery Organization.

CBI issues directive on re-injection of export income

TEHRAN – Central Bank of Iran (CBI) has unveiled a directive package which provides the country’s exporters with guidelines about how they should re-inject their foreign currency incomes into the country’s economy, Tasnim news agency reported on Monday.

Iranian trade delegation to visit Austria in June

TEHRAN- Iran-Austria Joint Chamber of Commerce is going to dispatch a trade delegation to Austria in June, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.

‘Foreign investors still interested in Iran’s petchem industry’

TEHRAN - Iranian National Petrochemical Company (NPC)’s director for investment said despite U.S. pressures, foreign investors are still eager for participation in Iran’s lucrative petrochemical industry, IRIB reported.

4 South Pars platforms go through overhaul operations

TEHRAN – Platforms of phases 4 and 5 as well as 10 and 16 of the South Pars gas field (which Iran shares with Qatar in the Persian Gulf) have gone through overhaul operation successfully, Shana reported on Sunday.

TPO to hold 1st meeting of Iran-neighbors joint economic committees

TEHRAN- Iran’s Trade Promotion Organization (TPO) will hold the first meeting of the chairmen of the country’s joint economic committees with its neighboring countries on Monday, Mohammadreza Modoudi, the acting head of TPO, announced.