TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said a package of investment to the tune of $5 billion has been prepared aiming to boost the country’s oil output within the next two years. Zanganeh said the fund will be allocated to repair operations in the existing oil wells and also digging new wells. The […]

TEHRAN- The 6th Annual Exhibition and Conference on Investment Opportunities in Iran’s Mines and Mining Industries (MINEX 2017) kicked off in Tehran on Tuesday with participation of 255 Iranian and foreign companies, IRIB news reported. As reported the attending companies include 200 Iranian and 55 foreign ones from 15 countries such as Germany, France, China, […]

TEHRAN – Ethiopian Minister of Mines, Petroleum and Natural Gas Motuma Mekasa called for Iranian energy companies’ contribution in his country’s energy projects, IRNA reported on Monday. Speaking at a meeting with Iranian Foreign Ministry’s Director General for African Affairs Mehdi Aqajafari in Addis Ababa, the official mentioned Iran’s great achievements in oil, gas and […]

TEHRAN- The tender for developing Iran’s Azadegan oilfield, shared with Iraq in the western part of Iran’s southwestern region of Karoun, will not take place in 2017, according to an Iranian oil official. National Iranian Oil Company (NIOC) Managing Director Ali Kardor told ISNA on Tuesday that the companies are still assessing the technical surveys. […]

TEHRAN- Iran’s unemployment rate in summer 2017, which corresponds to the second quarter of current Iranian calendar year (June 22- September 22), dropped to 11.7 percent, down 0.9 percent compared to the figure in the same season in 2016, the Statistical Center of Iran announced. Unemployment rate stood at 12.6 percent in summer 2016, the […]

TEHRAN – The International Monetary Fund (IMF) in its latest World Economic Outlook titled “Seeking Sustainable Growth: Short-Term Recovery, Long-Term Challenges” predicted a 3.8 percent real GDP growth for Iran in 2018, rising from 3.5 percent in 2017. “In 2018, growth is expected to increase to 3.8 percent, mostly reflecting stronger domestic demand in oil […]

TEHRAN- Iranian Deputy Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Mohammadreza Karbasi announced that Iran-Vietnam Joint Chamber of Commerce will be inaugurated within the next two months, IRIB news reported on Wednesday. Karbasi, who led an ICCIMA delegation to Vietnam, in a meeting with the head of Vietnam-Iran Joint Council, called […]

TEHRAN – Iran has raised its light crude’s official November selling prices for Asia at 80 cents above the Oman/Dubai average for the same month, Reuters reported quoting an industry source with direct knowledge of the matter. November price is 30 cents higher than the price set for the previous month which was 50 cents […]

TEHRAN- Iranian Minister of Finance and Economic Affairs Masoud Karbasian was appointed as the new chairman of Iran-Russia Joint Economic Committee, Tasnim news agency reported on Wednesday. Karbasian was appointed to the post replacing Mahmoud Vaezi, the previous minister of communications and information technology. MA

TEHRAN- According to OPEC’s latest monthly report published on October 11, oil production in Iran stood at 3.827 million barrels per day (bpd) in September, increasing 1,000 bpd from 3.826 million bpd in August, based on secondary sources. The OPEC’s report also announced Iran’s oil output based on direct communication. It said the country’s oil […]