Iran, Russia firms to build oil rigs

Iranian shipbuilder ISOICO says it has signed an agreement with Russian shipyard Krasnye Barrikady (Red Barricades) for oil rig construction and technology transfer. ISOICO Managing Director Hamid Rezaian said the agreement will allow his company to take advantage of the Russian firm’s facilities to produce certain equipment. “We are ready…

No limitation for foreign banks in Iran free zones

Director of Banking and Insurance Affairs of Supreme Council for Iranian Free Zones said Wednesday all legal obstacles in way of opening foreign banks’ branches have been lifted, advising such banks to focus on offering services including finance deals. Nasser Khormali focusing on provision of the required legal prerequisites for…

Iran expects oil prices to rise to $60pb only after 2020

A senior Iranian oil market expert says the price of oil will gradually rise in 2016 but will not cross $60 per barrel before 2020. Iran Oil Ministry Director for OPEC affairs Mehdi Assali said that the oil price slump will bring investors to the Middle East given low cost…

2015 energy recap

A mixed bag for the global and domestic energy industry, 2015 was marred by a Saudi Arabia determined to take oil price to its lowest level and marked by a turning point in Iran’s political and economic relations with the world following the nuclear deal halfway through the year. Oil…

Iran nominated for Energy Globe Award 2015

Tehran’s sewerage project has been nominated for the Energy Globe Award 2015, which is one of the most prestigious environmental awards, the Energy Globe website reported. Eligible for participation are projects with a focus on saving resources, improving air, soil, or water quality, increasing energy efficiency, using renewables, as well…

Iran’s tourism industry a ‘hidden treasure’ for investors: tourism chief

On December 30, 2015, Posted by , In News, By , , With No Comments

The booming industry of tourism in Iran is a hidden treasure for investors, Iran’s tourism chief Masoud Soltanifar said on the sidelines of a ceremony for inaugurating Tehran’s Espinas Palace Hotel on Monday. The 500-room hotel in northwestern Sa’adatabad neighborhood was used to housing high-ranking officials during the summit of…

Iran, Algeria to elevate relations in 2015

On December 30, 2015, Posted by , In News, By , , With No Comments

Year 2015 will be a turning point in Iran-Algeria relations for boosting the political, economic and cultural cooperation. The two countries’ Joint Supreme Commission held from December 15 to 17 had very tangible outcomes; the most important one can be highly improving the level of bilateral political ties. The relative…

Iran, India sign comprehensive economic cooperation agreement

Document for comprehensive economic cooperation agreement between Iran and India was signed on Monday evening by Minister of Finance and Economy Ali Tayyebnia and Minister of External Affairs of India Sushma Swaraj. The two sides agreed on cooperation in the fields of energy, infra-structure, banking, consular services, trade and tourism….

Iran, Canada launch into 1st oil coop.

On December 30, 2015, Posted by , In News, By , , With No Comments

An IOOC official said a Canadian company has been put in charge of studying the economic justifiability and feasibility to implement the development project of Binaloud oilfield. Head of Technology and Research at Iranian Offshore Oil Company (IOOC) Javad Rostami said IOOC has placed studying over this field on agenda…

Iran, India can double economic exchanges

On December 29, 2015, Posted by , In News, By , , With No Comments

Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia said here that Tehran and New Delhi have enough capacity to double the current volume of economic exchanges. The remarks were made on Sunday evening at a banquet in honor of the visiting Iranian finance minister. Formation of economic cooperation councils…