Economy

Iran’s top man in the mining industry says the country is planning a significant increase in exploration and production activities in the sector as the government seeks to reduce its dependency on oil incomes that have been affected by rounds of sanctions. Head of Iranian Mines & Mining Industries Development & Renovation (IMIDRO) said on Monday that the size of proven…

The Panamanian Maritime Administration (AMP) on Sunday censured the use of ships chartered by Panama for illegal acts, days after Iran’s Islamic Revolution Guards Corps (IRGC) detained the oil tanker MT Riah when it was smuggling one million liters of Iranian fuel in the northern part of the Strait of Hormuz. “We categorically condemn the use of vessels with a…

“After being assured that the foreign ship was smuggling fuel and under the order of Iranian judiciary officials, IRGC navy forces seized the vessel in a surprise operation,” the statement said. “After receiving the smuggled fuel from some Iranian small vessels, the foreign ship, which has the capacity of carrying two million liters of fuel, was to deliver its cargo to…

“Trump has failed to put into practice his words (to zero Iran’s oil exports) as many successful countries have decided to confront the US government for its abnormal behavior; of course, it was Iran’s smartness which defeated the wicked man,” Larijani said, addressing a meeting in Alborz province near Tehran on Wednesday. He stressed the need for continued resistance against…

“This year we have no worry and concern at all about production and supply of fuel in the country and stocks are in very ideal conditions,” said Alireza Sadeq Abadi, who serves as managing director of National Iranian Oil Refining and Distribution Company (NIORDC), on Wednesday. Sadegh Abadi, a deputy oil minister, said Iran’s gasoline production had already exceeded 110,000…

CEO Hashem Yekke Zareh kicked off the test production of the sedan early on Monday in a ceremony inside the IKCO compound west of Tehran. Yekkeh Zareh said IKCO plans to begin the mass production of Peugeot 301 after the end of the current Iranian calendar year in March, adding that Iran’s largest carmaker had put some €60 million worth…

CEO of Thermal Power Plants Holding Company (TPPH) of Iran, Mohsen Tarztalab, said a business contract will be signed within the next days, under which a contractor will receive Iranian crude oil in exchange for funding a project to renovate Tehran’s refinery. The contract is worth 500 million euros, the official noted. According to Tarztalab, the TPPH decided to go…

 “We do not hold negotiations with those who have waged economic terrorism against our people. This should stop,” Zarif said on Thursday. The top Iranian diplomat lashed out at Washington for unilaterally pulling out of a multilateral 2015 nuclear deal, officially called the Joint Comprehensive Plan of Action (JCPOA), and reinstating its harsh economic sanctions against Iran. “We never left…

“If the Europeans do not act upon their undertakings, we will take the third and fourth steps and we will withdraw from the nuclear deal in the fourth step and will adopt other measures too in that phase,” Abolfazl Hassanbeigi told FNA on Wednesday. “The Europeans should know that if they continue this trend, they should buy a barrel of…

Iranian Vice-President Es’haq Jahangiri said on Tuesday that contracts for buying Iran’s oil at pre-determined prices with maturity of up to three years would be available for “powerful economies”. “Any powerful country that wishes to work with Iran can pre-order Iran’s oil for the next two to three years,” said Jahangiri in remarks covered by the Shana news agency, which…