Iran’s President Hassan Rouhani inaugurated five new phases of the South Pars Gas Field on Sunday which were completed at a cost of $20 billion, local media reported. The inauguration of phases 17-21 paves the way for Iran to overtake neighboring Qatar in production from the offshore gas field which it shares with Iran, Iranian…
South Korea‘s intake of Iranian crude oil soared to a record high in March and its first-quarter crude imports from Iran nearly doubled on year, reflecting Tehran’s efforts to raise output after the lifting of sanctions early last year. The increase in volumes since international sanctions against Tehran were lifted in January 2016 has made…
International port and shipping sector is looking to Iran as one of the most interesting growth opportunities in years and volume growth is imminent. The January 2016 lifting of the nuclear-related sanctions provided a boost to Iran’s economy, but for the recovery to be sustained, longstanding structural reforms are required. Container and bulk volumes above…
Iran’s Aseman Airlines on Tuesday signed a deal to purchase dozens of passenger planes from US aviation giant Boeing. Under the agreement, the airlines will buy 30 Boeing 737 MAX airplanes worth $3 billion. The deal also gives Aseman the right to purchase another 30 of the Boeing’s twinjet narrow-body passenger planes. IRNA said that…
Iran is participating in the 51st Berlin International Tourism Fair (ITB) which began on March 8. The inaugural ceremony of the fair in the German capital was attended by the Head of Iran’s Cultural Heritage, Handicrafts and Tourism Organization Zahra Ahmadipour. Iran has set up 24 pavilions and tourism offices in the expo to introduce…
The first South Korean ship will be delivered to Iran in March 2018 based on a deal to buy 10 Ultra Large Container Vessels (ULCV) from the Asian state, announced the managing director of the Islamic Republic of Iran Shipping Lines (IRISL). Mohammad Saeedi added it is a 14,500 TEU container ship built by South…
An Airbus A330 aircraft arrived in Tehran on Saturday, the second of 200 Western-built passenger jets ordered by the national carrier Iran Air following the lifting of sanctions. The long-haul aircraft, with Iran Air Chairman Farhad Parvaresh and other officials onboard, took off from the French city of Toulouse on Saturday and landed at Tehran’s…
Iran Mercantile Exchange (IME) announced that commodities valued at about $1.045 billion and weighing over 1.943 million tons were traded in its domestic trading and exports halls in February. The exchange transacted in nearly 1.115 million tons of oil and petrochemical commodities valued at $556 million during the month, Fars News Agency reported. Also its…
An NIORDC official has reported on talks between Iran and Japan over implementation of a two-billion-euro project for upgrading Abadan Oil Refinery. Managing Director of Abadan Oil Refinery Company Esfandiar Daemolzekr informed reportes about the latest development status of and the plan to reduce fuel oil production in the oldest oil refinery of the Middle…
With implementation of new South Pars phases, Iran’s ethane output will double as the country will be able to rival US in producing the main feedstock for petrochemical industry. Ethane remains as one of the world’s most strategic gas products which marks the main feedstock for petrochemical industries in various countries. A boost in ethane…
