The Central Bank of Iran (CBI) announced that foreign banks can apply for a license to establish their branches in Iran with at least 5 million euros in capital. In a recently-published circular, the CBI has clarified the instructions for establishing, operating and closing the branches and offices of foreign banks in Iran. The foreign […]

Iranian Oil Minister Bijan Namdar Zanganeh said the China National Petroleum Company (CNPC) has officially replaced French company Total which has backed out of a deal on development of Iran’s South Pars gas field. The CNPC has formally replaced Total in the project on development of South Pars gas field’s phase 11, Zanganeh announced on […]

Taiwan was waiting to see whether it was one of the ‘eight jurisdictions’ expected to receive waivers to continue buy oil from Iran despite sanctions from the United States. Donald Trump is scheduled to reimpose measures against Iran’s energy, shipping, shipbuilding and financial sectors on November 5, but eight countries were expected to be left […]

Iran Air, Iran’s national flag carrier, has started negotiations with the non-European manufacturers of airplanes in line with renovation of its fleet, Farzaneh Sharafbafi, the managing director of the airline, announced on Sunday. “We will negotiate with any manufacturer which can supply airplanes for us without requiring permits from the U.S. Treasury’s Office of Foreign […]

 Russia’s Energy Minister Alexander Novak says Moscow will continue trading Tehran’s crude despite American restrictions. Russia has vowed to help Iran counter US attempts to throttle its oil sales when sanctions come into effect next week, saying it will continue trading Tehran’s crude in defiance of Washington. The US will reimpose sanctions aimed at curbing […]

Chief Executive of the Central Organization for Rural Cooperatives of Iran Hossein Shirzad said that Islamic Republic of Iran accounted for 96 percent share of saffron exports in the world in the last year (concluded March 20, 2018). With producing more than 88 percent of saffron in the world, Islamic Republic of Iran stands at […]

 Daily production of Euro-5 quality gasoline in Iran’s Persian Gulf Star Refinery will reach 40 million liters by the next month, according to the managing director of the refinery. Mohammad-Ali Dadvar put the current output of the refinery at 30 million liters per day, Mehr news agency reported on Saturday. The managing director of refinery […]

Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said that the United States failed in sanctioning Iranian oil. Today, it has been clear for everyone that the United States has been defeated in sanctioning Iranian oil and minimizing it into zero level completely under any pretext. He made the above remarks on his […]

European signatories of Joint Comprehensive Plan of Action (JCPOA) say that they are committed to working on, inter alia, the preservation and maintenance of effective financial channels with Iran, and the continuation of Iran’s export of oil and gas. In a Friday joint statement issued signed by High Representative Federica Mogherini and Foreign Ministers Jean-Yves […]

TEHRAN- The value of trades in Iran’s over-the-counter (OTC) market known also as Iran Fara Bourse (IFB) has grown 107 percent during the first seven months of the current Iranian calendar year (March 21-October 22), compared to the same period of time in the previous year. The number of trades has also increased 79 percent […]