New oil, gas fields discovered in Iran

TEHRAN – The director of the National Iranian Oil Company (NIOC)'s Discovery Department has announced the discovering of new oil and gas fields in the country, IRIB reported on Wednesday.

Iran self-sufficient in rice production

TEHRAN – Iran has become completely self-sufficient in rice production as it plans to cut up to two million tons of imports a year, Press TV reported, quoting a senior Iranian agriculture ministry official as saying.

Number of trading codes at stock market hits 13m

TEHRAN- The number of trading codes at Iran’s stock market has reached 13 million, according to the latest data released by the officials from Iran’s Securities and Exchange Organization (SEO).

SP phase 14 to go on stream next Iranian year: Zanganeh

TEHRAN - Phase 14 of South Pars gas field (in the Persian Gulf) is going to come on stream in the upcoming Iranian calendar year of 1399 (starts on March 20, 2020), Shana reported, quoting Iranian Oil Minister Bijan Namdar Zanganeh as saying on Monday.

BY: Ebrahim Fallahi

U.S. allies in Asia paying the price for Iran sanctions

TEHRAN – As one of the world’s top oil producers, Iran for long has been among the major crude suppliers to Asia and due to its high quality reserves which are significantly low in sulfur, many Asian refineries are designed to solely process various grades of Iranian crude oil and gas condensate.

Reform plan gets underway in state banks: finance minister

TEHRAN – Iran’s Finance and Economic Affairs Minister Farhad Dejpasand announced the start of a banking reform program in government-owned banks, Tasnim news agency reported on Tuesday.

Iran’s PMO launches shipping container production line

TEHRAN – Iran’s Ports and Maritime Organization (PMO) has launched a production line for manufacturing multi-purpose shipping containers in collaboration with the Ministry of Transport and Urban Development, the portal of PMO reported.

Iran’s active presence in Anuga 2019 to boost foodstuff exports

TEHRAN- High participation of Iranian exhibitors in Germany’s Anuga 2019 exhibition was an opportunity for increasing the exports of Iranian foodstuffs, Bahman Hosseinzadeh, the managing director of Iran International Exhibitions Company, stated.

‘Over 3800MW of new power plants to come on stream by next summer’

TEHRAN – Some 3,864 megawatts (MW) capacity of new power plants are planned to be added to Iran’s electricity network by the next summer’s peak consumption period, IRNA reported, quoting the Managing Director of Thermal Power Plants Holding Company (TPPH) as saying.

By Mahnaz Abdi

National Exports Day aims to promote Iran’s exports: TPO head

TEHRAN- Iran’s National Day of Exports (October 21), which has been celebrated over the past 22 years, is aimed at promoting the country’s exports status, Hamid Zadboum, the new head of Iran’s Trade Promotion Organization (TPO), said in a press conference on Monday.

Iran, Germany stress reinforcing trade ties

TEHRAN – Board of directors of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) and Germany-Iran Chamber of Commerce and Industry (AHK Iran) held talks on Sunday and emphasized the need to increase coordination in order to strengthen trade relations between the two countries.

Iran, Iraq capable of increasing bilateral trade to $20b by 2021: industry min.

TEHRAN – Iranian Minister of Industry, Mining and Trade Reza Rahmani says Iran and Iraq have the potential to increase the value of their bilateral trade to $20 billion dollars by 2021.

MINEX 2019 hosting 130 Iranian, foreign companies

TEHRAN- The 8th International Investment Opportunities in Iran’s Mines and Mining Industries Exhibition and Conference (MINEX 2019) kicked off on Monday in Tehran, hosting 130 Iranian and foreign participants.

Iran to establish LNG park to develop energy sector: Zanganeh

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said his ministry is planning to gather mini-LNG complexes with a total capacity of three million tons in an LNG park, Tasnim news agency reported on Monday.

No decision made on rationing subsidized gasoline: Majlis speaker

TEHRAN- Iranian parliament (Majlis) speaker Ali Larijani said the parliament has not still made any decision about rationing the subsidized gasoline, Tasnim news agency reported.

Turkey seeking ways to boost trade with Iran: envoy

TEHRAN – Turkish Ambassador to Tehran Derya Ors said his country is looking for ways to improve its trade ties with Iran despite the U.S. sanctions, the portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) reported.

‘27 mining study proposals to become practical projects soon’

TEHRAN – Head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO)’s research center said 27 study proposals received by the organization will become practical research projects in near future, IRIB reported.

Transport Ministry inks co-op MOU with Vice-Presidency for Science and Technology

TEHRAN – Iran’s Transport and Urban Development Ministry signed a memorandum of understanding (MOU) with the Vice-Presidency for Science and Technology for cooperation in the fields of road transportation and aviation.

Government needs private sector for national development: VP

TEHRAN – Iran’s First Vice President Es’haq Jahangiri said the government needs private sector for progress and development in the country.

IRENEX to hold 16th round of offering light crude oil on Tuesday

TEHRAN- National Iranian Oil Company (NIOC) will offer two million barrels of light crude oil at the international ring of Iran Energy Exchange (IRENEX) on Tuesday, Shana reported.

Iran Air posts annual profit despite U.S. sanctions

TEHRAN - Iran’s National Airline (Iran Air) has reported a surge in operating profits for the past Iranian calendar year (ended in March 2019) despite a surge in aviation costs resulted from the U.S. sanctions on the country.

Iran to take all necessary measures to keep oil exports afloat: Zanganeh

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said on Sunday that Iran will use any possible way to export its oil, stressing that exporting crude was the country’s legitimate right.

Iranian-made Peugeot 301 platform to be used for a number of other domestic cars

TEHRAN- Chief Executive of Iran Khodro Industrial Group (IKCO) Farshad Moqimi said on Friday that ‘Peugeot 301’ sedan will hit the domestic car market during the first half of the next Iranian calendar year (to start on March 20, 2020), Mehr news agency reported.

Non-oil trade exceeds $42b in H1

TEHRAN- Iran’s value of non-oil trade with other countries stood at over $42 billion during the first half of the current Iranian calendar year (March 21-September 22), the head of Islamic Republic of Iran Customs Administration (IRICA) announced.

Azar oil field’s 1st phase of development to be completed by Mar. 2020

TEHRAN - The first phase of the development project of Azar oil field, in western Iran, is expected to be completed by the end of the current Iranian calendar year (March 19, 2020), managing director of Iran's Petroleum Engineering and Development Company (PEDEC) said.

Economy ministry offers banking reform plan to govt.

TEHRAN – Iran’s Finance and Economic Affairs Minister Farhad Dejpasand said a program for amending the country’s banking system has been prepared by the ministry and handed over to President Rouhani in late September.

Over $309m of state-run shares divested in H1

TEHRAN- Iranian Privatization Organization (IPO) has offered just 13 billion rials (about $309.5 million) of state-run shares to the private sector during the first half of the current Iranian calendar year (March 21-September 22), IRIB reported.

Commodities worth $710m traded at IME in a week

TEHRAN- During the weekdays ended on October 3, while 555,517 tons of commodities worth over $710 million were traded at Iran Mercantile Exchange, the trading volume and value experienced a growth of 20 percent and 32 percent, respectively.

By Mahnaz Abdi

Oil offering at IRENEX facing challenges, but will definitely continue

The national budget law for the current Iranian calendar year (started on March 21) obliges the Oil Ministry to offer at least two million barrels of light crude oil, two million barrels of heavy crude oil and two million barrels of gas condensate at the international ring of Iran Energy Exchange (IRENEX) every month.

Industrial projects inaugurated in 3 provinces

TEHRAN – In a two-day visit to the provinces of Qazvin, Gilan and Alborz during October 2-3, Iranian Minister of Industry, Mining and Trade Reza Rahmani visited and inaugurated 13 industrial projects in these provinces.