TEHRAN - Oil Minister Mohsen Paknejad announced on Saturday that the signing of a $17 billion pressure boosting contract for the South Pars gas field marks a "rebirth" for the country’s largest gas reservoir. The landmark agreement, formalized during a ceremony attended by President Masoud Pezeshkian and oil industry leaders at the International Oil Industry Conference Center in Tehran, aims to secure Iran’s energy future and counter production declines in the shared field.

President Pezeshkian says improper energy consumption is among the primary challenges facing the energy sector and apologizes for the inconveniences caused by energy imbalances and recent power outages.

TEHRAN - Iran’s global ranking of 127th in the Ease of Doing Business index, coupled with a score of 4.63 in the Economic Freedom Index—placing it 158th out of 165 countries—has raised significant concerns about the country’s investment climate.

TEHRAN - Mohammad Ali Dehghan Dehnavi, head of Iran’s Trade Promotion Organization, emphasized the need for Iranian brands to penetrate global markets and appear on the shelves of major international stores. Speaking at the National Brand Conference, an event celebrating Iran’s top commercial brands, Dehnavi stressed that export success hinges on delivering products directly to foreign consumers, thereby generating significant added value for the country.

TEHRAN - The Economic Cooperation Organization (ECO) Secretariat in Tehran hosted the first bilateral meeting between Iran and Turkmenistan under the ECO working group tasked with establishing joint trade zones (JTZs). The session brought together representatives from relevant ministries and organizations of both nations to discuss the creation of a shared commercial region aimed at boosting economic ties.

TEHRAN - A memorandum of understanding on air transport cooperation between Iran and Russia in the fields of aviation and flight standards has officially entered the implementation phase.

TEHRAN - Minister of Roads and Urban Development, Farzaneh Sadegh, has confirmed that Russia has not withdrawn its loan commitment for the Rasht-Astara railway project, dispelling rumors of its cancellation. Speaking at a press conference today, Sadegh addressed key priorities of her ministry while issuing a stern warning to airlines failing to respect passenger rights, threatening to revoke their flight permits.

TEHRAN - In a notable rebound from 2023—when trade between Iran and Germany hit its lowest level in 25 years—bilateral trade between the two nations rose by 4% in 2024, reaching €1.5 billion, according to a report by Iran Chamber Online, citing the Iran-Germany Chamber of Commerce and Industry and data from Germany’s Federal Statistical Office.

TEHRAN - Iran is set to expand its international trade footprint by establishing a major commercial center in Russia, according to Mohammad Ali Dehghan Dehnavi, head of Iran’s Trade Promotion Organization (TPO).

TEHRAN - The CEO of Iran’s Railway Technical and Engineering Services Company (Travers), Mostafa Moeini, announced that the company is actively seeking to expand the construction of railway lines and related services into neighboring countries. Speaking at a press conference on Sunday, Moeini emphasized Travers’ capability to execute railway projects with speeds of up to 160 kilometers per hour, positioning it as a key player in regional infrastructure development.