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Iran’s Oil Exports to South Korea Rise by over 26% in July: Report

-- 3,830 price_dollar -- 4,541 price_eur (-0.04%) -2 4,919 price_gbp -- 1,045 price_aed (-0.08%) -10,000 11,780,000 sekeb (-0.02%) -2,000 12,107,000 sekee (-0.16%) -10,000 6,260,000 nim (-0.28%) -10,000 3,620,000 rob (-0.4%) -10,000 2,470,000 gerami (0.02%) 230 1,186,880 geram18 (0.02%) 310 1,582,490 geram24 (0.02%) 1,000 5,141,000 mesghal (0.01%) 10 1,285.70 ons (-0.1%) -100 980.00 platinum -- 17.07 silver (-0.11%) -100 929.00 palladium (0.02%) 1 47.74 oil (0.02%) 1 51.77 oil_brent (-0.78%) -38 48.07 oil_opec (0%) -3 82,372 bourse -- 1,118 price_try (0.17%) 1 588 price_cny (2.86%) 1 35 price_jpy -- 3,097 price_cad -- 3,038 price_aud (1.69%) 50 2,950 price_nzd -- 4,048 price_chf (1.75%) 1 57 price_afn -- 473 price_sek -- 602 price_dkk -- 482 price_nok (0.4%) 50 12,550 price_kwd (-0.29%) -3 1,025 price_sar (-1.44%) -15 1,025 price_qar (-0.3%) -30 9,900 price_omr -- 3 price_iqd (11.11%) 1 9 price_syp (3.28%) 2 61 price_inr (5.56%) 2 36 price_pkr (1.05%) 30 2,850 price_sgd (1.96%) 10 510 price_hkd (0.33%) 3 921 price_myr -- 120 price_thb (1.49%) 1 67 price_rub (0.13%) 3 2,295 price_azn (-0.2%) -20 10,080 price_bhd

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EGFI to back exports to Oman

EGFI to back exports to Oman - Mehr News Agency صادرات TEHRAN, Aug. 22 (MNA) – Chairman of Export Guarantee Fund of Iran (EGFI) has voiced the Fund’s readiness to provide insurance coverage for exports of commodities to Oman.

At a joint meeting between Managing Director of Export Guarantee Fund of Iran (EGFI) Seyed Kamal Seyedali and Chairman of Iran-Oman Joint Chamber of Commerce Mohsen Zarrabi, the former said EGFI was ready to provide insurance support for conducting exports to the Persian Gulf littoral state.

Zarrabi, for his part, called for the establishment of a suitable cooperation platform so that merchants of the two countries can take more advantage of the Fund's services, in particular as regards coverage of Iranian bank accounts and investment in Oman.

EGFI head later outlined new services offered by the Fund in joint partnership with its Omani counterpart adding “upon implementation of these agreements, a portion of difficulties faced by exporters of technical and engineering services as well as those pertaining to export of goods to Oman will be resolved.

“Additionally, mutual reciprocal coverage will be made possible on the basis of these agreements,” he continued.

Export Guarantee Fund of Iran operates as an export credit insurance company of Iran offering guarantee services to the exporters of the country. Established in 1973, EGFI marks the first Export Credit Agency (ECA) of Middle East and North Africa (MENA) region.

HA/4064622

Reappointed oil min. delineates plans for new term

Reappointed oil min. delineates plans for new term - Mehr News Agency بیژن نامدار زنگنه وزیر نفت TEHRAN, Aug. 21 (MNA) – Bijan Zanganeh said priorities of Petroleum Ministry included signing major oil contracts, attracting foreign investment and technology to joint fields as well as boosting recovery factor.

In a live IRIB program on Sunday evening, Bijan Zanganeh who was reappointed as head of Iran’s Ministry of Petroleum, appreciated the trust given to him by Members of the Parliament expressing hope that missions assigned by the President will be carried out properly in the coming four years.

He classified his career into short-term and four-year plans saying “first and foremost, the oil contracts will be dealt with in a bid to attract foreign finance and know-how both for developing joint fields and boosting recovery in existing fields.

He noted that enhanced production entailed recycling whose current figure stands at 30% and needs to rise. “A number of ongoing negotiations with international oil companies over development of Iranian fields need to reach conclusion within months in both technical and financial respects.”

Zanganeh underlined that joint fields were the top priority for his ministry and made commitments to accelerate unfinished projects like expansion of South Pars, completion of an LNG export unit, supplying gas to small towns and villages, promotion of petrochemical output in partnership with the private sector, gas flaring reduction to avoid insurmountable environmental damages.

The official later highlighted that any sort of investment had to lead to creation of employment opportunities inside the country. “Moreover, oil industry facilities need to be renovated and modernized given that some facilities date back to 70 years ago and need a complete overhaul.”

On talks with the Qatari side, Iran’s oil minister noted that the Arab side has taken certain measures though Iran is taking the lead in recovering gas from South Pars joint gas field. He went on to emphasized the need for huge investment in upstream and downstream sectors of the country’s oil industry while clarifying that 60 to 70 percent of the amount has to be supplied through foreign finance.

Referring to ongoing talks with oil firms, he stated that international bodies are eager to make investments in Iranian oil fields as Russian and Indonesian companies have already conducted projects in Mansouri field. Oil minister also touched upon the plans to boost recovery factor saying the output figure for Azadegan field will exceed 300 thousand barrels by the end of the current Iranian calendar year (to end March 20, 2018).

On constructing gas pipelines to Pakistan and Iraq, Zanganeh said the project has been already launched in Iraqi side though Pakistan is playing delaying tactics despite the fact that billions of dollars have been spent so far on the pipeline project.

HA/4064820

Resistance Economy, ties with neighbors top priorities in new term

Resistance Economy, ties with neighbors top priorities in new term - Mehr News Agency

FM Zarif:

حاشیه جلسه هیات دولت TEHRAN, Aug. 21 (MNA) – Foreign Minister Javad Zarif underlined two priorities of his ministry in the new term as relations with neighbors and helping the Resistance Economy program, to be achieved with the cooperation of all sectors of the government.

Speaking among the reporters on the sidelines of the first meeting of new cabinet on Sunday, Zarif said the US violated the JCPOA from the very first day it was implemented, and we had to work hard to carry it out in every case.

He expressed gratitude to the Parliament members for their debates on the proposed ministers, adding "the new cabinet gained the maximum number of confidence votes from the parliament, and we hope that we could realize the goals of the government during the new term.”

Referring to the priorities of the Foreign Ministry during the second term of the government, Zarif underlined two priorities as relations with neighbors and helping the Resistance Economy program, which “we hope we can achieve with the cooperation of all sectors of the government."

Zarif stated that the economic issues in previous term were also among the priorities of the Foreign Ministry, adding all our efforts were to prevent the Ministry of being a burden on people, but rather to eliminate obstacles on the way of Iranians’ welfare, which we hope will follow the path better and more in the new term.

LR/4064437

IME’s weekly trading value grows by 110%

IME’s weekly trading value grows by 110% - Mehr News Agency IME TEHRAN, Aug. 21 (MNA) – During weekdays ending up to 17 August, while 869,759 MT of commodities worth over 429.5 million USD were traded in Iran Mercantile Exchange, the volume and value of trading experienced a growth of 110% and 63%, respectively.

According to the report from IME International Affairs and PR, last week, on the domestic and export metal and mineral trading floor of IME, 269,567 MT of various products worth close to 216.9 million USD were traded.

On this trading floor, 1,840 MT of aluminum, 261,345 MT of steel products, 6,230 MT of copper, 140 MT of molybdenum concentrates as well as 12 MT of precious metal concentrates were traded.

The report declares that on domestic and export oil and petrochemical trading floors of IME, 523,626 MT of different commodities with the total value of 188.2 million USD were traded.

On this trading floor, more than 306,123 MT of bitumen, 49,140 MT of polymer products, 136,940 MT of VB feed stock as well as 19,500 MT of lube-cut oil, 17,971 MT of chemical products, 900 MT of sulfur, 506 MT of base oil and slack waxes, 1,515 MT of insulation and 30 MT of argon were traded.

Moreover, on the agricultural trading floor of IME, 64,201 MT of various commodities worth over 21.8 million USD were traded. On this trading floor, 8,107 MT of feed barley, 46,670 MT of wheat, 7,875 MT of sugar, 800 MT of maize, 495 MT of frozen chicken, 254,000 day oil chicks were traded by customers.

It is worth noting that during the first week of August, the side market of IME witnessed trading of 3,000 MT of HRS thickness 2 alongside 100 MT of phosphate concentrate, 160 MT of scrap metal, 25 MT of used locomotive engine oil, 70,000 day old chicks, and 10 tons of used wooden rail traverse and 100 kg of empty barrels.

HA/PR

Pertamina to develop 2 oilfields in Iran

Pertamina to develop 2 oilfields in Iran - Mehr News Agency oil-exports TEHRAN, Aug. 20 (MNA) – Indonesian state-owned corporation Pertamina has voiced readiness to expand two Iranian oil fields, Abteimour and Mansouri.

President and CEO of Pertamina Elia Massa Manik stated that his company surely possessed the capability to take part in development and exploration of Iranian fields.

“We have asked the Indonesian  the Coordinating Minister for Economic Affairs Darmin Nasution to accelerate the process of making presence in the Mansouri and Abteimour fields.

Massa said that Pertamina will focus on one oil field first and foremost; “the second one will be developed later after the exploration of the first one is completed.”

He pointed to the need to explore the oil fields to increase oil supply given that they can produce 250,000 barrels per day.

Pertamina CEO went on to stress that his country’s government was open to new partners to add to the existing ones “since we are open to partnership, we will partner with a local company in Iran.”

National Iranian Oil Company (NIOC) and Pertamina Company had earlier signed a Memorandum of Understanding (MoU) and confidentiality agreement to carry out studies of the two Iranian oil fields.

Pertamina is an Indonesian state-owned oil and natural gas corporation based in Jakarta. It was created in August 1968 by the merger of Pertamin and Permina. The firm is currently the second-largest crude oil producer in Indonesia behind the US-based Chevron Pacific Indonesia.

HA/IRN82636383

World facing worst food crisis in 70 year

World facing worst food crisis in 70 year - Mehr News Agency FAO TEHRAN, Aug. 20 (MNA) – The UN Food and Agriculture Organization (FAO) welcomes the UN Security Council's recognition of conflict as a major cause of famine, and the call to enhance longer-term recovery and resilience of conflict-affected countries.

According to a press release published by the FAO Representation in the Islamic Republic of Iran, FAO's response comes after the UN Security Council adopted a presidential statement acknowledging the link between conflict and famine.

“We know through our work that countries with the highest levels of food insecurity are also those most affected by conflict,” said FAO Director-General José Graziano Da Silva. “FAO reaffirms our commitment to work with the UN system and Member Nations to address conflict-related food insecurity, and we echo the Security Council's call for greater access in conflict-affected countries so we can reach those in need,” he said.

The world faces one of the largest food crises in 70 years, with 20 million people in four countries - northeastern Nigeria, Somalia, South Sudan and Yemen - at risk of famine. If no action is taken, an additional 10 million will be threatened by famine. In fact, civil conflict is the driving factor in nine of the 10 worst humanitarian crises, underscoring the strong linkage between conflict and hunger. Post-conflict countries with high food insecurity are 40 percent more likely to relapse into conflict within a 10-year timespan.

FAO has long raised awareness on the link between conflict and hunger, including when the Director General addressed the Security Council in July. FAO, with the European Union, the World Food Program and other partners, provides regular updates on food security to the UN Security Council and publishes an annual Global Report on Food Crises.

In a marshland area of South Sudan, the link between conflict and famine is clear. Families have fled violence to seek safety in the swamp, but they have very little means to feed themselves and hunger levels have soared. They are surviving on life-saving deliveries of food and fish they catch themselves using emergency fishing kits provided by FAO.

Agriculture is often the main livelihood for the majority of people in conflict-affected situations, even as violence rages around them. For this reason, FAO works with its partners in often extremely challenging security contexts to provide rural livelihood support. In Syria, for example, an FAO survey in 2016 found that over 75 percent of households in rural areas still grow food for their own consumption, even if at a reduced scale.

Investing in sustainable food production can also be a pathway to peace. FAO has developed a corporate peacebuilding policy to amplify its contribution to conflict prevention. In Colombia, FAO has partnered with the country's Rural Development Agency to support policies aimed at restoring rural areas that were affected by armed conflict, to bolster the peace process by rebuilding rural communities, and to increase the country's agricultural competitiveness.

Combining efforts to restore and support resilient livelihoods with peacebuilding and conflict resolution efforts is critical for sustainable development and food security. Equally, investing in food security may strengthen efforts to prevent conflict and achieve sustained peace.

HA/PR

Iran deploys 2mn barrels of SPOL crude to East Asia

Iran deploys 2mn barrels of SPOL crude to East Asia - Mehr News Agency oil layer TEHRAN, Aug. 20 (MNA) – Iran’s Ministry of Petroleum announced that four crude consignments recovered from South Pars Oil Layer (SPOL) with an overall volume of two million barrels have been shipped to East Asian markets.

South Pars, in addition to being the world’s largest gas field, possesses oil layers which had previously remained dormant and untouched.

Qatar has been recovering oil from the South Pars Oil Field for several years, but Iran had missed the opportunity because of lack of technical equipment like Floating Production, Storage and Offloading (FPSO) unit sanctioned by the US and its allies.

In the previous Iranian government, in view of sanctions removal, an FPSO unit was purchased and deployed to the layer and in March 2017, Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manuchehri announced that that the oil recovery from South Pars had kicked off.

Oil recovery from the oil layer of the offshore gas field was made possible after NIOC dispatched an FPSO unit which received crude oil through a 12-inch pipeline and transferred the purified product to export tankers.

One oil recovery from SPOL had reached a satisfactory level, exports of crude oil was launched and reports indicated that main destinations for the Iranian product were Asian countries.

South Pars, a supergiant gas field Iran shares with Qatar in Persian Gulf waters, is estimated to contain over 14 billion barrels of oil in its oil layer.

HA/IRN82636383

Iran’s annual dairy output to hit 10mn tons

Iran’s annual dairy output to hit 10mn tons - Mehr News Agency حسن رکنی TEHRAN, Aug. 20 (MNA) – Deputy Iranian agriculture minister estimated that the country’s dairy production will exceed ten million tons in the present Iranian calendar year (to end March 21, 2018).

Addressing the third edition of Iran's international exhibition of livestock, poultry and aqua feed dubbed as ‘Iran International Feed Expo 2017’, Deputy Agriculture Minister for Livestock Production Hassan Rokni said over 650 feedstuff production units exited inside the country who yielded approximately 8.5 million tons of feed.

“Iranian feedstuff production units enjoy the capacity to produce 18 to 19 million tons of products of which only 10 million tons are realized,” stressed the official calling for taking advantage of the dormant potential.

Rokni underlined that the value of Iran's livestock and poultry feed export had risen from 26,000 dollars in 2011 to 75 thousand dollars today though neither figure proves satisfactory and Iran needs to make a more prominent presence in global markets.

“As regards food security, both issues of quality and quantity are at stake and need to be taken into account by feedstuff factories,” the official continued.

Iran’s deputy agriculture minister said various foreign delegation have visited the country following JCPOA implementation as evidenced by good relations formed in the post-sanction era; “over 2.2 million tons of chicken is being produced annually and estimations indicate that 200,000 tons of the product as well as 200 thousand eggs be exported to foreign countries.”

The official later conjectured that dairy output will exceed 10 million tons in the present year adding “exports of dairy products have followed a satisfactory trend in the first quarter of the ongoing year (began March 21) as 404,000 tons of these products have been deployed to international markets as well as that over 20 types of dairy products were shipped to 30 world countries.”

“More than one million tons of dairy products are expected to be exported in the current year,” he maintained.

HA/4063208

Iran to launch agricultural cultivation in Uruguay

Iran to launch agricultural cultivation in Uruguay - Mehr News Agency نشاء برنج در شهرستان کارون TEHRAN, Aug. 20 (MNA) – Deputy Iranian agriculture minister, while pointing to imports of rice from Uruguay, said Iran had made an overseas farming plan for cultivating rice in the South American country.

Houman Fathi, General Manager of International Affairs of Iran's Agriculture Ministry, said economic relations with Uruguay were far from satisfactory and emphasized the need for a balance in trade between the two countries.

“Iran's exports to Uruguay are not significant in terms of volume and economic value,” expressed the official stating that the Islamic Republic has a lot of export abilities in all sectors, especially in agriculture and conversion or complementary industries.

Fathi described diplomatic relations between Iran and Uruguay as positive and emphasized the necessity of expanding economic and trade relations between the two sides.

He stated that the Ministry of Agriculture was in charge of the Joint Economic Commission between Iran and Uruguay adding “excellent targets have been defined for deepening and developing bilateral trade relations through 9 agreements and memoranda on various issues like quarantine of animals and plants, as well as investment and banking ties.”

Stressing that the Iranian Ministry was after overseas cultivation in Uruguay, he said “despite its low population, the South American country enjoys great agricultural potential.”

“Uruguay is one of the world's largest rice producers and Iran remains as one importer of the product from the country in the South America.”

General manager of international affairs of Iran's Agriculture Ministry said Iranian companies capable of conducting overseas cultivation will be identified and equipped while the Uruguayan side has agreed to provide the necessary facilities for their establishment and presence in a bid to take a major step towards sustainable and long-term supply of agricultural products, rice in particular.

Water-intensive rice and corn crops as well as oilseeds and livestock inputs have been cited by Agriculture Ministry officials as the target products which Iran seeks to grow on farmlands overseas.

Earlier, Agriculture Minister Mahmoud Hojjati said the government had envisioned investment on 500,000 hectares of farmland in a number of countries to secure food supplies.

HA/4062492

Iran may start oil supplies to Russia within month

Iran may start oil supplies to Russia within month - Mehr News Agency الکساندر نواک IZMIR, Aug. 19 (MNA) – Moscow and Tehran may shortly agree upon conditions for sale of 100,000 oil barrels per day, according to the Russian energy minister.

Iran can start deliveries to Russia under the ‘oil-for-goods’ program within the next month, Russian Energy Minister Alexander Novak told reporters on Friday.

“We are finalizing the last details of regulatory documents. I think I will respond to your question within one month,” Novak said confirming that supplies can start by the end of that term.

Moscow and Tehran may shortly agree upon conditions for sale of 100,000 oil barrels per day by Iran for Russia, Novak said earlier. Supplies can be either physical or swap-based, he added. Purchases will be made within the framework of the ‘oil-for-goods’ deal.

TASS/MNA

OPEC chief congratulates Zanganeh’s reappointment

Tehran (ISNA) - The secretary general of the Organization of the Petroleum Exporting Countries (OPEC) Mahammad Sanusi Barkindo in a letter congratulated Iran’s petroleum minister Bijan Zanganeh for his reappointment.

Barkindo’s letter came as Iran’s Parliament endorsed Zanganeh - together with 16 other cabinet nominees.

“On behalf of all of the staff at the Organization of the Petroleum Exporting Countries, please permit me, Your Excellency, to wish you ever success in this role over the coming years,” he wrote in the letter.

“I have no doubt that the constructive relationship that exists between the Islamic Republic of Iran and OPEC will continue to flourish during your tenure. I would also like to take this opportunity to thank you for the personal support that you have given to me since my appointment as Secretary General,” Barkindo added.

He emphasized that the world was already looking up to the veteran Iranian minister who has served in various positions in almost all administrations after Iran’s 1979 Islamic Revolution.   

Zanganeh is specifically credited at home for what many see as his success in increasing Iran’s oil and gas production capacity.

He also specifically drew cheers from the Parliamentarians for strengthening Iran’s position in OPEC. 

"Currently you are the longest serving Minister in OPEC and, therefore, the most experienced, your reappointment is a vote for continuity, stability and further productive collaboration between OPEC and non-OPEC,” Barkindo told Zanganeh in his letter.

“I am delighted that OPEC will continue to benefit from your vast reservoir of knowledge and rich fountain of wisdom for many years to come.”

End Item

A 110% growth in weekly trading value in IME

Tehran (ISNA) - During weekdays ending up to 17 August, while 869,759 MT of commodities worth over 429.5 million USD were traded in Iran Mercantile Exchange, the volume and value of trading experienced a growth of 110% and 63%, respectively.

According to the report from IME International Affairs and PR, last week, on the domestic and export metal and mineral trading floor of IME, 269,567 MT of various products worth close to 216.9 million USD were traded.

On this trading floor, 1,840 MT of aluminum, 261,345 MT of steel products, 6,230 MT of copper, 140 MT of molybdenum concentrates as well as 12 MT of precious metal concentrates were traded.

The report declares that on domestic and export oil and petrochemical trading floors of IME, 523,626 MT of different commodities with the total value of 188.2 million USD were traded.

On this trading floor, more than 306,123 MT of bitumen, 49,140 MT of polymer products, 136,940 MT of VB feed stock as well as 19,500 MT of lube-cut oil, 17,971 MT of chemical products, 900 MT of sulfur, 506 MT of base oil and slack waxes, 1,515 MT of insulation and 30 MT of argon were traded.

Moreover, on the agricultural trading floor of IME, 64,201 MT of various commodities worth over 21.8 million USD were traded. On this trading floor, 8,107 MT of feed barley, 46,670 MT of wheat, 7,875 MT of sugar, 800 MT of maize, 495 MT of frozen chicken, 254,000 day oil chicks were traded by customers.

It is worth noting that during the first week of August, the side market of IME witnessed trading of 3,000 MT of HRS thickness 2 alongside 100 MT of phosphate concentrate, 160 MT of scrap metal, 25 MT of used locomotive engine oil, 70,000 day old chicks, and 10 tonnes of used wooden rail traverse and 100 kg of empty barrels.

End Item

Holding International conference of Iran in Switzerland

پرچم ایران

Tehran (ISNA) - The Iranian private sector will send a delegation to Switzerland to participate in the International Conference of Iran after 20 months of the lifting of sanctions against Tehran.

This conference will examine the economic situation in Iran 20 months after the implementation of the Joint Comprehensive Plan of Action (JCPOA) and the lifting of international sanctions against Iran.

This delegation which will travel to Geneva from September 27-30 to participate in this conference, will also examine the process of foreign cooperation with Iran.

End

Iran exports 36 million cubic meters of gas daily during past 5 months

خط لوله صادرات گاز

Tehran (ISNA) - The Iranian National Gas Company has exported an average of 36 million cubic meters of gas per day during the past five months.

The Iranian National Gas Company has exported 42 million cubic meters of gas per day in August 2017, compering to the previous month that the figure was about 39 million cubic meters.

Iran also exported 35, 30 and 32 million cubic meters of gas daily in April, May and June respectively and started its gas exports to Iraq in June.

The volume of gas exports is a function of four general factors including production, domestic consumption, external demand and political and business relations.

End Item

Iran, Russia, Turkey sign $7 billion drilling deal

Tehran (ISNA) - Turkey's Unit International has inked a $7 billion agreement with Russia's state-owned Zarubezhneft and Iran's Ghadir Investment Holding to drill for oil and natural gas in Iran.

In a statement, Unit said the three companies had invested a total of $7 billion for the drilling, which would take place at three oil fields and one large natural gas field in Iran, Reuters reported.

The total reserves at the three oil fields stand at 10 billion barrels, and the fields will produce 100,000 barrels per day, Unit said. It added that the natural gas field had a production capacity of 75 billion cubic metres per year.

The natural gas extracted from the drilling will be equal to 1.5 times the 50 billion cubic metres of gas Turkey imports annually, Unit said, adding that the reserves in this field would help meet Turkey's gas demands for the next 150 years.

The consortium will also be able to drill in other parts of Iran, the statement said.

Unit said all three companies had signed the agreement as equal partners, and added that this marked the first trilateral deal an Iranian company signed with foreign partners.

Iran is Turkey's second-biggest supplier of natural gas after Russia and sells about 10 billion cubic meters a year of gas under a 25-year supply deal to Turkey which it uses for electricity generation.

End Item

<div>S.Korea's July Iranian crude oil imports jump 27 pct</div>

Tehran (ISNA) - South Korea's crude oil imports from Iran rose 26.5 percent in July from a year ago, driven by Seoul's strong appetite for competitively priced Iranian light oil as Tehran looks to boost market share, Reuters reported.

Korea, one of Iran's major Asian customers, shipped in 1.40 million tonnes of crude from Tehran in July, or 330,151 barrels per day (bpd), up from 1.10 million tonnes last year, customs data showed on Tuesday.

The worlds' fifth-biggest crude importer brought in 10.67 million tonnes of Iranian crude in the first seven months of this year, or 368,952 bpd, up 47.7 percent from 7.22 million tonnes over the same period last year, the data showed.

South Korea mainly imports Iranian condensate, an ultra-light oil used to produce more expensive fuels like naphtha. No breakdown of imports was available.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC) is exempt from the oil cartel's deal to limit production to drain a global supply glut. The country is seeking to regain market share lost during the years it was under western sanctions over its nuclear programe.

In July, the Middle Eastern country exported 2.2 million bpd of oil to Asian and European markets, with its exports to Asia up by 100,000 bpd.

South Korea's intake of crude oil from top exporter Saudi Arabia fell 9.3 percent to 3.69 million tonnes, or 873,656 bpd, a year ago.

OPEC's July oil production rose further by 173,000 bpd to 32.87 million bpd, in the latest sign the oil producer club's joint efforts to cap output are weak.

Overall, South Korea's total July crude imports increased 3.2 percent to 12.44 million tonnes, or 2.94 million bpd, from a year ago, the data showed.

In the January-July of 2017, South Korea imported 84.68 million tonnes of crude, or 2.93 million bpd, up 2.0 percent from 83.04 million tonnes in the same period last year.

End Item

Iran’s crude oil exports to India increase

Tehran (ISNA) - Iran says its exports of crude oil to India have increased by 16 percent over the past month in what the country says is a fresh sign that speculations over the decline of exports to one of its largest Asian buyers are inaccurate.

Figures released by the ministry of petroleum show that Iran’s oil exports in July stood at an average of 502,000 barrels per day (bpd). This was higher than June by 83,000 bpd.

The ministry in a statement added that Iran’s oil exports to India in 2015 and 2016 respectively stood at an average of 189,000 bpd and 451,000 bpd – what it said indicated a steady increase.

Exports over the past nine months since the start of 2017 also stood at an average of 438,000 bpd, promising a collective increase over 2016 once more exports are made over the months to the end of the year.

Iran’s ministry of petroleum further emphasized that the number of refineries that were importing oil from Iran had increased from three to seven which included major buyers Reliance and Essar. 

Overall, Iran’s exports in July increased by 45,000 bpd compared to June to reach as high as 2.2 million bpd.   

Exports to Asia were higher over the period and reached as high as 1.4 million bpd, showing an increase of around 100,000 bpd.

Iran’s total oil production currently stands at around 4 million bpd and its most important clients are China, South Korea, India and Japan, respectively.

End Item   

Iran Eyes over $50bn Worth of Oil Contracts

By editor on in Oil & Gas

Iranian Oil Minister Bijan Namdar Zanganeh said he would make efforts to pave the grounds for signing $50 to $60 billion worth of oil and gas contracts with foreign companies by the end of the current Iranian year (March 20, 2018).

Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Sunday night, Zanganeh, who won the vote of confidence from lawmakers earlier in the day, highlighted his ministry’s plans for attracting foreign investments in oil and gas sectors in his new term in office.

Zanganeh said he has submitted his general plans for the next four years to the parliament, adding that in the first step, he would pursue the short-term plans.

“We are trying to provide (the required conditions for signing) $50 to $60 billion worth of contracts this year,” he stated.

The oil minister further pointed to the positive international atmosphere created after the 2015 nuclear deal between Iran and six world powers, known as the Joint Comprehensive Plan of Action (JCPOA), and said, “We should protect and maintain the international atmosphere.”

(Source: Tasnim, under Creative Commons licence)

Foreign Funds for Irans Oil Sector a Top Priority

Tags: featured, oil contracts

Foreign Funds for Irans Oil Sector a Top Priority

Attracting foreign investment for Iran’s oil sector will continue to be a top priority during President Hassan Rouhani’s second term, Iranian Oil Minister Bijan Zanganeh said on Sunday.

“Attracting foreign investment and technology is a priority for us in the oil industry, whether in shared fields or for increasing the production of oil at fields that are already operational,” he said during a live television interview on state TV.

Zanganeh, who won parliamentary approval on Sunday to stay on as oil minister, has been credited with increasing Iran’s crude output since many global sanctions were lifted last year following an international deal on Iran’s nuclear program, Reuters reported.

He has also won praise with a multi-billion-dollar deal with France’s Total to develop South Pars, the world’s largest gas field.

Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent and National Iranian Oil Co subsidiary Petropars with 19.9 percent.

The project will cost up to $5 billion and production is expected to start within 40 months, Iran’s oil ministry said in a statement last month.

Approximately $3 billion of that will go toward generating work for Iranian companies, Zanganeh said. Some 27 phases of South Pars will be operational by spring of 2019, Zanganeh said.

Iran needs approximately $200 billion investment for oil and gas production, development and refineries and roughly 65 to 75 percent of that needs to come from foreign investment, he said.

Iran is going to try to attract $60 billion in foreign investment for the oil industry by the end of the Iranian calendar year in March 2018, Zanganeh said.

Less than 30 percent of Iran’s 700 billion barrels of oil reserves are currently extractable, according to Zanganeh.

(Source: NIOC)

Iranian Labour Market on Path to Gender Transformation

By editor on in Employment

By Maysam Bizaer for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News.

Iranian society has undergone tremendous change in past decades, with women continuously playing a role in this transformation. Indeed, Iranian women have long sought a more active presence in society, gradually distancing themselves from the cliche of being mothers or wives. Today, they make up almost 70% of university applicants and half of the graduates.

Paired with an increase in economic hardship, more of Iran’s young and educated female citizens have been seeking employment to support themselves and their families or to achieve financial independence from their male guardians.

“Women should be active and have plans for their lives. They must not wait for men to meet their financial needs. Even an unmarried girl cannot be dependent on her father forever,” a female employee of the Central Bank of Iran, who preferred to remain anonymous, told Al-Monitor.

Statistical Center of Iran (SCI) data indicate that the economic participation rate of Iranian women was on a downward trend in the 10-year period ending in 2015, reaching a low point of 12% in the Iranian calendar year of 1393 (ending March 2015). This term refers to individuals who are either employed or actively looking for work.

There are multiple reasons for the low rate of employment among women. Iran’s civil code places men as the head of the household, granting them the right to control the economic activities of their wives and daughters. Meanwhile, social norms consider family affairs to be the main domain of women.

Other factors, such as the limitation of some university degrees to male students, banning of women from certain jobs and many men’s refusal to share housework with their spouses, have all forced many women out of the job market or to leave their occupations after marriage.

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Inpex to Return to Azadegan Oil Field?

Foreign Funds for Irans Oil Sector a Top Priority

Tags: featured, Iran Air, Statistical Center of Iran, women, women's rights

Inpex to Return to Azadegan Oil Field?

Japan’s biggest oil and gas explorer Inpex Corp might participate in a tender to develop the Azadegan oil field in southwestern Iran and form a consortium with other foreign oil firms to that end, a high-ranking Iranian official said.

If Inpex gets involved in the Azadegan again — after giving up its stake in the development project in 2010 to avoid being placed on a list of companies subject to US sanctions over Iran’s nuclear program — it would be a symbolic achievement as Japan tries to resume investment in the country, Japan Times reported.

“Inpex replied to our invitation letter for international bid, then told us they liked to be our partner in developing Azadegan,” CEO of the National Iranian Oil Company (NIOC) Ali Kardor said in a recent interview.

“We had meetings with executives from Inpex many times. They asked us how they could find a foreign operator, so we advised them to negotiate with major European companies with high technology,” Kardor said.

“Azadegan is a huge oil field. We certainly need new technology introduced by foreign firms. Forming a consortium would be better for both sides,” he added.

Inpex, Japan’s largest oil and gas exploration and production company, signed a memorandum of understanding to conduct studies for Azadegan in June 2016.

In a telephone interview, a spokesperson for Inpex confirmed receiving the invitation letter from NIOC and said, “It is true that we are mulling how we should deal with Azadegan, though we cannot announce details.”

“A final decision will be made after we finish evaluating the condition of the international bid, and also the international situation.”

According to Kardor, the NIOC will soon provide all necessary data about the Azadegan oil field to interested firms.

It will take about six months to gather technical and financial proposals from all applicants and evaluate them, and the contractor will be finalized by early next year, he said.

Kardor said the number of foreign firms participating in the Azadegan tender will exceed 10.

In addition to Inpex, Total S.A., Royal Dutch Shell PLC, Petroliam Nasional Bhd (Petronas) and China National Petroleum Corp. have already signed memorandums of understanding with NIOC. Several other oil giants, including Eni and BP, have expressed a desire to participate in the tender.

(Source: Tasnim, under Creative Commons licence)

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