TEHRAN – Iran’s Industry, Mining and Trade Minister Mohammad Shariatmadari said over $25.6 billion is needed to reach the country’s 55 million-ton steel capacity envisaged in Iran’s 1404 (March 2025-March 2026) Outlook Plan. “$8.4 billion is needed for mining sector while €14.5 billion (about $17.247 billion) is the estimated finance needed for the industry’s infrastructures,” […]

TEHRAN- Iran’s light crude oil price rose 13 cents in the week ended on December 22 to settle at $63.36 per barrel, Shana reported on Saturday. The country’s light oil price was reported $52.20 on average since the beginning of 2017 until December 22. The country’s heavy crude oil price also experienced a $0.52 increase […]

TEHRAN – Deputy Governor of the Central Bank of Iran (CBI) Akbar Komijani pointed to the transition from arduous sanctions period and said, “in sanctions period, the country’s banking ties with the outside world was disconnected.” After the implementation of Joint Comprehensive Plan of Action (JCPOA), the official title of nuclear deal, most of foreign […]

TEHRAN– Isfahan Refinery will get South Korea’s finance for the improvement process and optimization purposes. In this regard, South Korea will provide €1.9 billion worth of credit for upgrading and optimizing Isfahan Refinery. Alireza Arman Consolidated Planning Manager of National Iranian Oil Products Refining and Distribution Company (NIOPRDC) made the remark, adding, “a contract for […]

TEHRAN – The latest annual report issued by Iran-UK chamber of commerce indicates a nearly 50% increase in the trade transactions between the two sides after the signing of Iran nuclear deal in 2015. According to the latest annual report issued by Iran-UK chamber of commerce, the volume of trade exports between Iran and UK […]

TEHRAN – Indonesia’s state-owned Pertamina is eyeing contribution to the development of Iran’s Mansouri oil field in April next year, Platts reported quoting the company’s Upstream Director Syamsu Alam. “Pertamina will focus on Iran for its acquisition plan next year, besides continuously evaluating potential blocks in some other countries,” Alam told Platts. The block is […]

TEHRAN – China’s Sinopec Engineering (Group) Co., signed a deal with National Iranian Oil Engineering and Construction Company (NIOEC) to contribute to engineering, procurement and construction of phase II of Abadan refinery upgrading project in Iran. “The group will pursue approximately 6.86 billion yuan ($1.05 billion) of the total contract value”, Nikkei Asian Review cited […]

TEHRAN – Iran’s top four Asian buyers – China, India, South Korea and Japan – imported 1.362 million barrels per day (bpd) of Iranian crude oil in November, government and ship-tracking data showed. According to Reuters, China was the biggest buyer, importing 557,876 bpd. South Korea, India, and Japan ranked next, importing 345,700 bpd, 265,700 […]

The law on implementation of the general policies of the Article 44 of Iran’s Constitution on privatizing state-owned companies was declared in 2006 in a bid to downsize the government and promote the private sector’s role in the national economy. The government envisioned a large privatization program in the Fifth Five-Year National Development Plan (2010-2015), […]

TEHRAN- National Iranian Tanker Company (NITC) Managing Director Sirous Kianersi said that Total and Shell are among the international companies that have leased out Iranian oil tankers since the implementation of Joint Comprehensive Plan of Action (JCPOA) that lifted the sanctions against Iran in January 2016. In an interview with Tasnim news agency, the official […]