Economy

  • SP Phase 11 development to start soon: Official

    Development operations of South Pars Gas Field’s Phase 11 will start in the near future, said the National Iranian Oil Company (NIOC) deputy director for development and engineering affairs. “The installation operations of the first…

  • Iran’s foreign debt down to over $9b

    Iran managed to decrease the size of its foreign debt by around $300 million in a nine-month period ending in December last year, a new report showed. The Thursday report by IRNA cited data by…

  • Iran, Russia to expand transit cooperation

    Iranian and Russian officials in a meeting in Moscow discussed mutual cooperation, especially in developing their transit routes. During the meeting in the Russian capital on Thursday, Iranian Ambassador to Moscow Kazem Jalali and Russia’s…

  • Iran’s Next Transportation Budget at $872m

    Atotal of 118.18 trillion rials ($872.17 million) have been allocated for the transportation sector in the next fiscal year’s (March 2020-21) budget bill, of which 95.3% will be spent on development projects and 4.7% on…

  • Brent, WTI Extend Decline

    Oil prices extended declines on Monday, dragged down by worries about lower demand in the world’s largest oil importer China following the coronavirus breakout. Brent and US West Texas Intermediate crude fell for a fourth…

  • IRENEX Offers Salaf Contracts to Finance Oil Project

    Standard parallel salaf contracts worth 2.5 trillion rials ($20 million) will be offered on the Iran Energy Exchange on Tuesday to finance Azar Oilfield projects.  Securities mature in one year and can be traded in…

  • INSTEX: An Instrument Only on Paper

    xactly one year ago the foreign ministers of France, Germany and the UK  created the so-called Instrument for Supporting Trade Exchanges (INSTEX) to facilitate legitimate trade with Iran without violating the US economic sanctions. Since…