The managing director of Iran’s Power Generation and Distribution Company (known as TAVANIR) said Iran’s power industry needs six quadrillion rials (near $142.8 billion) to keep the country’s electricity infrastructure up with the rising demand, ISNA reported. According to Mohammad Hassan Motevalizadeh, since it has been estimated that for the next 10 years the country’s […]

Sergei Ryabkov, the Russian deputy foreign minister, has said that Europe’s special vehicle purpose (SPV) is essential to do business with Iran, ISNA reported on Wednesday. Ryabkov made the remarks in a meeting with Mehdi Sanaei, Tehran’s ambassador to Moscow. France and Germany have agreed to SPV which is a special payment channel created by […]

An Iranian trade official said the value of the country’s non-oil exports in the first eight months of the current Iranian year (began March 21) has exceeded $31 billion. Speaking to the Islamic Republic of Iran Broadcasting (IRIB), the head of the Trade Promotion Organization of Iran, Mohammad Reza Modoudi, said the total value of […]

An Iranian energy official highlighted a rapid growth in the number of renewable energy plants across the country, saying more and more capital is being funneled into the industry. Speaking at a press conference on Sunday, Mohammad Sadeqzadeh, director of Iran’s Renewable Energy and Electrical Energy Efficiency Organization, a subsidiary of the Energy Ministry, said […]

Iranian special courts for economic crimes have handed down prison sentences against 10 more men, including an Afghan national, for disrupting Iran’s economic system Speaking at a press conference on Sunday, Iranian Judiciary Spokesman Gholam Hossein Mohseni Ejei said 10 people have received prison sentences and heavy financial penalties in connection with economic disruption. He also […]

Iranian experts installed the first platform of Phase 13 of the South Pars gas field after shipping the megastructure in the Persian Gulf on Wednesday. Loading of the homegrown platform, weighing 2,200 tons, had begun in the southern port city of Bushehr around six weeks ago. According to the project’s contractor, Phase 13 includes a […]

“Examining the reasons for Qatar’s exit from OPEC is a necessity,” Zanganeh said, adding that “OPEC has big problems from some oil producers which Qatar is not a part of.” The veteran minister made the remarks ahead of the 175th OPEC meeting, which will be held in Vienna, Austria, on Thursday. Qatar said on Monday […]

Iran’s envoy to the Organization of the Petroleum Exporting Countries (OPEC) warned that global oil prices would slump to $40 a barrel without a significant cut in the output of OPEC and its allies. Production will need to be reduced by at least 1.4 million barrels a day to prevent oversupply, Hossein Kazempour Ardebili said […]

Russia and Saudi Arabia agreed to extend into 2019 their agreement to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to agree on any fresh output cuts. Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown […]

 Iranian Energy Minister Reza Ardakanian said with the coming into effect of a free trade agreement with the Eurasian Economic Union (EAEU), bilateral trade between Iran and the EAEU member states would be facilitated. Speaking at a meeting with Chairman of the Eurasian Commission Tigran Sargsyan in Moscow on Thursday, Ardakanian emphasized that the recent […]