Oil prices rose on Friday as turmoil in Venezuela triggered concerns that its crude exports could soon be disrupted. Washington on Thursday signaled it could impose sanctions on Venezuela’s oil exports as Caracas descends further into political and economic turmoil. Brent crude oil futures were at $61.62 a barrel at 0755 GMT, 53 cents, or […]

Iranian Oil Minister Bijan Namdar Zanganeh said it is his ministry’s priority to complete the remaining phases of the South Pars gas field in southern Iran. Speaking to reporters upon his arrival in the southern city of Assaluyeh on Thursday, Zanganeh said during his trip he would visit the development projects of the gas field […]

The French foreign minister said the special purpose vehicle (SPV), the EU mechanism aimed at facilitating trade with Iran in the US sanctions era, would be established in the “coming days”. The SPV “should be implemented in the coming days”, Jean-Yves Le Drian told the French parliament’s foreign affairs committee, Reuters reported late on Wednesday. […]

 A special financial mechanism aimed at maintaining trade ties between Switzerland and Iran is ready for implementation, according to Sharif Nezam-Mafi, the head of the Iran-Switzerland joint chamber of commerce. He told IRNA that the clearing house will be used to facilitate Iran’s oil transactions with its major Asian crude customers – namely India, China […]

 Emin Akhundov, chairman of the Board of AzerMash, said the Iranian and Azerbaijani joint car factory (AzerMash-IKCO) will start producing Peugeot in Neftchala Industrial Park, Baku, in mid-February. The new cars, called ‘Khazar’, will be equipped with an automatic transmission, he added. AzerMash-IKCO, annual manufacturing capacity of which is 10,000 cars, will manufacture 6,000 cars […]

The National Iranian Oil Company (NIOC) is planning to issue $712 million (Rls. 30 trillion) in fixed rate bonds by the end of the current calendar year to March 20 in order to finance projects aimed at maintaining and enhancing production capacity of oil and gas fields. Speaking on Tuesday, Reza Dehghan, deputy NIOC director […]

The subsidiaries of the National Iranian Oil Company (NIOC) signed 9 contracts with local contractors on maintaining and enhancing the production capacity of a number of Iranian oil and gas fields. The deals were signed in a ceremony attended by Oil Minister Bijan Namdar Zanganeh on Tuesday. The 9 deals cover a total of 33 maintenance […]

14,000 Kilometers of Pipeline in Lieu of 60,000 Fuel Trucks IRAN NEWS ECONOMIC DESK TEHRAN – The CEO of Iranian Oil Pipeline and Telecommunications Company (IOPTC) highlighted the major achievements in the oil transfer industry during the Islamic Revolution era. In an interview with IRIB, Mr. Abbasali Jafari Nasab pointed to the goals and field […]

MSC Celebrates Another Accolade in Innovation Festival IRAN NEWS ECONOMIC DESK TEHRAN – Mobarakeh Steel Company won another prestigious award to prove its capability in innovation and production. During the Third National Iranian Product Innovation Festival which was held at Sharif University, Mobarakeh Steel Company was awarded with golden statute and top award for its […]

A former envoy of Iran to the Organization of the Petroleum Exporting Countries (OPEC) called for efforts to diversify the oil export market and find new purchasers. Iran should not confine itself to selling crude to the eight nations that have been granted sanctions waivers by the US, Mohammad Ali Khatibi said. The former envoy to […]