TEHRAN – “The flare gas recovery unit of Parsi oil field in southwestern Iran will start operating on Saturday”, Shana reported on Friday quoting an oil official. According to Mohsen Paknejad, National Iranian Oil Company (NIOC)’s deputy managing director in production affairs, the mentioned unit is the first of its kind established through private sector’s […]

 Islamic Republic of Iran, Russia and Azerbaijan Republic discussed connecting electrical grids of the three countries and creating a North-South electricity corridor. The trilateral meeting was attended by Azerbaijan Republic’s Deputy Oil Minister Natiq Abbasov, Iranian Deputy Minister of Energy Homayoun Haeri and Deputy Energy Minister of Russian Federation. For his part, Haeri Iran’s Deputy […]

TEHRAN- Two Iranian airliners, Iran Airtour and Aseman Airlines, signed memorandums of understandings with Russian aircraft manufacturer Sukhoi on the purchase of 40 aircrafts from the Russian company. Based on the MOUs signed on April 25 on the sidelines of the Eurasia Airshow in Turkey, each airliner will receive 20 Sukhoi Superjet-100 (SSJ-100) passenger planes, […]

TEHRAN – The value of trade between Iran and African countries increased by 23% in the past Iranian calendar year 1396 (ended on March 20, 2018), compared to its preceding year, the portal of Trade Promotion Organization of Iran (TPO) reported. According to Director General of TPO Arabic-African Affairs Office Farzad Piltan, the value of […]

In a bid to bolster its foreign trade and also elevate its transit status, Iran has some projects underway to develop its ports which are located in north and south of the country. Development of ports includes a wide range of projects from construction of docks to building railways to carry commodities from the ports. […]

TEHRAN- Oil, gas and petrochemical sectors as the driver of Iran’s economy require $200 billion of investments for development in the coming years, Oil Minister Bijan Namdar Zanganeh said on Tuesday. Speaking in a session of Majlis (Iranian parliament), the minister said if such investment is made in these sectors, national economy will witness a […]

Deputy Minister of Oil Hamid Reza Araqi put the daily export of gas to neighboring Turkey at 30 million cubic meter (mcm) and said, “under the contract, pertinent gas export income will be injected into the public treasury fund.” Speaking in 4th “Sustainable Gas Production” Conference, he said, “gas bill subscription cut has reduced considerable […]

TEHRAN- The Central Bank of Iran (CBI) officially banned the use of cryptocurrencies, such as bitcoin, in financial transactions. The act is to prevent crimes such as money laundering and terrorism, the Public Relations Department of CBI announced. The ban applies to all monetary and financial centers of the country, including banks, financial institutes and […]

TEHRAN – Oil Minister Bijan Namdar Zanganeh said Iran is not going to hand over the development of South Pars oil layer to Total since the French oil giant has taken over Danish Maersk’s oil division with which Iran was negotiating the project. Speaking to the press on the sidelines of a signing ceremony event […]

Head of Iran National Carpet Center Hamid Kargar said that Iran’s handwoven carpet has found new markets in China, Russia and South Africa as well as some Latin American countries, along with its traditional markets like US, Germany and Italy. Speaking in an interview with MNA correspondent on Tuesday, he added, “typically, Iran’s handwoven carpet […]