Turkey, Egypt agree to Iran proposed petrochemical OPEC

- National Iranian Petrochemical Organization (NIPO) says Turkey and Egypt have agreed with Iran's proposal to form an international petrochemical association similar to the Organization of Petroleum Exporting Countries (OPEC). - 5/20/13

Iranian trade stats well below last April's figures

- Iranian customs says imports into the country were down sharply last month compared to the same period in 2012. According to the report, imports fell from $3.3 billion in April of 2012 to $1.3 billion in April of 2013. - 5/18/13

Iran's car imports drop 68% in month

- Iran's car imports fell by 68.3 percent in number in the first Iranian calendar month of Farvardin (March 21-April 20), ISNA reported on Wednesday. Some 518 cars, valued at $12 million, were imported to the country in the month of Farvardin. - 5/17/13

Turkey to transit 2bcm of Iranian gas to Europe

- Turkey will to transit 2 billion cubic meters of Iranian gas annually to Europe, the Mehr News Agency reported on Wednesday. The two neighboring countries are close to finalize pricing terms and conditions. - 5/16/13

U.S. Blacklists Two U.A.E. Firms For Dealing With Iran

- The United States has barred two financial firms based in the United Arab Emirates for dealing with an Iranian bank blacklisted by Washington. The U.S. Treasury Department said on May 15 that Al Hilal Exchange and Al Fida International General Trading had provided financial services to Bank Mellat. -RFE - 5/16/13

Iran to outrun U.S. as world's 3rd largest cement exporter

- Iran will leave the U.S. behind by the end of the current year to become the world's third largest cement exporter, the Global Cement magazine wrote in its latest edition. Iran is projected to export 18-20 million tons of cement in 2013, ranking the third place after China and India, IRNA cited the report. - 5/15/13

Iranian shipping group leader says industry stifled by sanctions

- The head of the IRISL Group (Islamic Republic of Iran Shipping Lines) says revenues from the country's shipping industry have shrunk by more than half in recent years. "Currently European countries prohibit Iranian ships from docking in their ports," Dajmer said. - 5/14/13

Recent Iranian government projects: election advertising or environmental threats?

- The Iranian government has proposed new projects such as building infrastructure in Shahrood's Abr Forest and opening up oil development in Kavir National Park by issuing exploration permits, and the government's national development plan promises to donate 2,000 square metres of public land to Iranian families. -Bijan Rohani - 5/13/13

Iran to produce diesel engine soon

- Iran Khodro (IKCO) is going to present its self-developed diesel engine by 2013 in order to develop its cars fuel portfolio as well as its domestic and international market share. - 5/13/13

Iran to hold 38% share of petrochemical output in Middle East by 2015

- Iran will account for 38 percent of petrochemical production in the Middle East by the year 2015, the National Iranian Petrochemical Company (NIPC) planning manager said on Sunday. Iran is currently producing 24 percent of the total petrochemical products in the Middle East, SHANA quoted Ramezan Oladi as saying. - 5/13/13

Tehran Book Fair Faces Sales Slump In Foreign Section

- Sales have slumped by 50 percent in the international section of the 26th Tehran International Book Fair in comparison with the figures for the previous edition of the event. Iran's national currency has lost about 60 percent in value against foreign currencies and there has been a deep recession in the country over the past two years. - 5/10/13

Iran allocates $157m to import medicine, medial equipment

- Iran has allocated $157 million to import medicine and medical equipment since the beginning of the current Iranian calendar year (March 21), IRNA reported, citing a statement by the Central Bank. Some $1.6 billion has also been allocated to import staple foods, the report added. - 5/9/13

Iranian Parliament To Hold Extraordinary Session To Discuss Inflation: The High Monetary Council Paralyzed

- The new wave of price increases has been not just watched by the politicians but has in fact alarmed Majlis deputies who have called for a discussion of its economic-political-security implications of the rapidly changing economic terrain. -Firoozeh Matin, Rooz - 5/9/13

Fear of Bubble as Sanctions Stoke Iran Property Boom

- While the sanctions threaten to bring the Iranian economy to its knees, million-dollar apartments fitted out with the best imported equipment have become ever more common in Tehran. Wealthy Iranians, often unable to move money abroad due to the banking sanctions, have tried to protect their savings by turning to property at home, further stoking the market. -Reuters - 5/9/13

Iran's knowledge-based products exports hit $900m in 2012

- Iran's knowledge-based product exports in 2012 totaled $900m, showing 8.6 percent rise comparing to the same period in 2011, said Iranian Vice-President for Science and Technology Nasrin Soltankhah. - 5/8/13

Obstacles fail to deter financier from opening private Iran bank

- The international banking sanctions that have crippled Iran's economy did not discourage Parviz Aghili from opening what is in effect the country's only privately owned bank, the Middle East bank, earlier this year. -Financial Times - 5/7/13

Inflation rate hits 29.8%: Statistics Center of Iran

- Iran's inflation rate reached 29.8 percent in the first month of the current Iranian calendar year (March 21-April 20), the Mehr News Agency reported, citing the Statistics Center of Iran. The figure decreased by 1.5 percent compared to the previous month. - 5/6/13

Iran to develop 3 Persian Gulf oilfields

- Iran will develop three of its oilfields, which are located in the Persian Gulf, in the current Iranian calendar year, which started on March 21, the National Iranian Offshore Oilfields Company managing director Mahmoud Zirakchianzadeh said. - 5/6/13

Iranian Parliament reviewing wage increases

- The rate of inflation has been rapidly rising in the past year in Iran, and the labour community has denounced the 25-percent raise in wages approved by Parliament, insisting that it does not reflect in any way the most basic costs of working households. - 5/5/13

Iranian workers mark May Day with protest

- A group of workers gathered in front of Iranian parliament on the occasion of the International Worker's Day to protest against their inadequate wages in the face of rising inflation. ILNA reports that the workers held a protest demanding a reconsideration of the minimum wage increase which was approved for this year. - 5/2/13

Unemployment on the rise among Iranian women

- Hossein Mahjoub told Shargh Newspaper that women workers now constitute 15 to 17 percent of workers in the country and claimed that the administration has been "hiding" the true statistics with regards to employment. - 5/2/13

Photos: Iranian Workers

- Iranian government refuses to allow workers to hold demonstrations to mark May 1st. In many countries, May Day is synonymous with International Workers' Day, or Labour Day, which celebrates the social and economic achievements of the labor movement. - 5/1/13

Iran's capital market value exceeds $177B

- Iran's capital market value has surpassed 2170 trillion rials (about $177 billion). The figure showed 40 trillion rial (about $3.3 billion) rise compared to the day before. - 5/1/13

Falling currency raises costs for Iranian pilgrims

- Iran's Pilgrimage and Haj Organization says the cost of pilgrimage travel has risen due to the fall in the value of the national currency against foreign currencies. - 4/30/13

Rising price leads Iranians to drink less milk

- The head of dairy syndicates, Mohammadreza Esmaili, reports that the scrapping of government subsidies has led to a price increase of 40 to 60 percent, which in turn has led to this fall in milk consumption. - 4/27/13

Cooking oil rationing in Iran causes price hike, lineups

- The trend of rising prices continues in Iran as media report that vegetable oil is now being rationed in all chain stores, which has doubled the price of a litre of cooking oil on the open market. - 4/25/13

Court receives Iranian workers' minimum wage complaint

- Workers have claimed that the minimum wage is supposed to rise in accordance with the inflation rate, as laid out in the Labour Ministry's administrative provisions, but while the Central Bank has pegged the national inflation rate at 30.2 percent, the minimum wage was increased by only 25 percent. - 4/24/13

Iron dealers in Tehran shutter businesses to protest tax

- The Kaleme website reports that the protests began early last week. Most of Tehran's iron dealers have come out in support of the strike and will be closing their stores in the bazaar and pulling down their blinds. - 4/24/13

Iranian airline SAHA halts operation due to outdated fleet

- All flights of Iranian airline SAHA have been stopped due to its outdated aircrafts. The airline, which has been established by the Air Force of Iran, has operated for 23 years, but the Civil Aviation Organization of Iran stopped its operation due to outdated aircrafts. SAHA owns four planes, including three Boeing 707s with an average age of 36.8 years. - 4/24/13

Fearing Price Increases, Iranians Hoard Goods

- Iranians rushed to supermarkets to buy cooking oil, red meat and other staples on Tuesday, stockpiling the goods over new fears of price spikes from a change in the official exchange rate that could severely reduce the already weakened purchasing power of the rial, the national currency. -NY Times - 4/24/13

UK bars Shell from paying Iran debt in food, medicine

- Shell has reportedly consulted London on the possibility of paying British pharmaceuticals maker GSK to provide medicine to Iran in exchange for the debt but the proposal has been rejected. - 4/23/13

Iran pulls back on subsidizing import exchange rate

- Iran's Ministry of Industry announced that it will no longer allot subsidized foreign currency rates to any imports other than wheat, barley, corn and soya. All other imports into Iran will have to be negotiated at the market rate of exchange for foreign currencies. - 4/23/13

Iran to host Mideast largest financial expo

- Iran plans to hold the Middle East's largest financial and investment expo early May, hosting several foreign countries. Over 280 foreign and internal companies will join the 7th International Exchange, Bank and Insurance (FINEX) exhibition. - 4/23/13

Iranian MPs to face trial in huge bank fraud case

- The head of the Tehran Criminal Court says the files of three MPs connected to a notorious $3-billion bank fraud are now being processed by the court and their trials will soon take place. The three MPs were not identified and the exact trial dates were not announced. - 4/23/13

Iran, China's CNPC terminate contract in South Pars gas field

- Iran and China National Petroleum Corp. (CNPC) have come to terms for terminating a contract for developing the phase 11 of the South Pars gas field, located in the Persian Gulf, the Mehr News Agency reported. - 4/23/13

Iran ready to barter oil for goods

- Iran says it is now prepared to implement its plan to trade oil for necessary goods. The National Iranian Oil Company announced that bartering crude for food and other goods could complement the usual sale of oil for its monetary value in major currencies. - 4/22/13

Iran agrees to export gas to Switzerland: NIGC chief

- An Iranian deputy oil minister says the country has finalized a deal for the delivery of natural gas to Switzerland. "We are currently in talks with Turkey to win the right for gas transit via this country [to Europe]," Javad Owji, who is also managing director of National Iranian Gas Company (NIGC), said on Friday. - 4/19/13

Iranˈs gas exports hit $3.5b

- Managing director of the National Iranian Gas Company (NIGC) Javad Owji said here Friday Iran has exported over 8.4 billion cubic meters of gas, worth $3.5 billion, during the last Iranian year (ended on March 20). - 4/19/13

IMF Says Iran's Economy Shrank In 2012

- The International Monetary Fund (IMF) says Iran's economy shrank by 1.9 percent in 2012 and is expected to contract by 1.3 percent this year as it reels from the impact of Western sanctions. - 4/17/13

Saeed Sedeghi's "Low Economy" tops World Press Cartoon contest

- "Low Economy" by Iranian artist Saeed Sedeghi has won first prize in the Gag Cartoon category at the World Press Cartoon 2013 contest in Portugal. He received the award during a special ceremony at the Olga Cadaval Cultural Center in Sintra on April 12, the WPC website announced. - 4/16/13

Iran exports $1.2b worth of textile products

- Iran exported $1.2 billion worth of textile products in the past Iranian calendar year, which ended on March 20, ISNA reported. Textile exports grew by less than one percent year on year. - 4/16/13

Iranian President heads to Africa

- The president said visit to three African countries of Benin, Niger and Ghana is on invitation of the three countries' presidents and during the visits many memorandums of understanding would be signed for expansion of relations and investment in economic, energy, power, trade, cultural and tourism domains. - 4/15/13

Iran's annual car imports exceed $1b

- Iran imported over 44,000 cars, worth more than $1 billion, during the past Iranian calendar year, which ended on March 20, ISNA reported. The imports showed 11.3 percent rise year on year. The average price of the imported cars was $24,441, according to the report. - 4/15/13

Iranian Businessman Sees Upside Of Sanctions

- Iranian billionaire businessman Babak Zanjani says being blacklisted by the U.S. and the EU will mean great publicity for him. On Thursday, the U.S. Treasury Department imposed sanctions on Zanjani, along with a network of companies, for their alleged support of the National Iranian Oil Company. - 4/13/13

Iran's oil production lowest since 1980s: OPEC

- OPEC's latest report indicates that Iran produced 2.675 million barrels of oil per day in March, which according to TREND, an Azerbaijani news agency, is the country's lowest volume of oil production since 1988. - 4/12/13

Iran earned $1.5bn from health tourism last year

- Deputy Head of the Cultural Heritage, Handicrafts and Tourism Organization Manouchehr Jahanian said here on Tuesday that Iran hosted 200,000 health tourists last year. - 4/9/13

Iranian currency pays price for nuclear impasse

- Iran's currency suffered another steep drop after the nuclear talks in Almaty failed to achieve any palpable results. Reports from Iran indicate that the dollar was traded on Sunday April 7 for 1,500 rials more than on the previous day. Similarly, the price of gold rose by four percent. - 4/8/13

Detained Iranian workers supported by protesters

- A group of labour activists and the families of detained workers gathered in front of the Justice Department in Sanandaj on Saturday April 6 to protest the undetermined state of their arrested peers and relatives. - 4/8/13

Iran Inks 2.6 Billion Euro Deal To Revamp Abadan Refinery

- A consortium of Iranian and foreign companies has signed a 2.6-billion Euro deal with Iran's Oil Ministry to revamp Abadan refinery, located in the southwest of the country, sources quoted Iranian deputy oil minister Alireza Zeighami as saying. - 4/8/13

Fifteen new dams to come on stream in Iran

- Fifteen new dams will be inaugurated across Iran by the end of the current Iranian calendar year, which began on March 21, IRNA News Agency quoted Managing Director of Iran Water Resources Management Company Mohammad Haj-Rasouliha as saying. - 4/6/13

Iran to export 40 mcm/d of gas to Iraq by summer 2013

- An Iranian deputy oil minister has announced that the country will start exporting 40 million cubic meters (mcm) a day of natural gas to Iraq by summer 2013. - 4/6/13

Ahmadinejad Inaugurates Large Dam in Northeastern Iran

- A large reservior dam, constructed by Iranian experts, was inaugurated in the Northeastern Khorassan Razavi province in a ceremony attended by President Mahmoud Ahmadinejad. The Aradak reservoir dam is located about 70 km to the Northwest of Mashhad. The 410-meter-long dam is constructed on Aradak River. - 4/4/13

Tehran Stock Exchange sets new record in volume of trade

- Tehran Stock Exchange (TSE) has set a new record in the volume of trade hitting the 40,000 unit mark on Wednesday. The TSE began its trading at 38,040 points in the new Iranian year that began on March 20. - 4/3/13

Cargo train carrying fuel derails in Qods city near Tehran

- A cargo train carrying fuel derailed in Raznan area of Qods city near Tehran on Tuesday. Managing Director of Firefighting Department and Security Services of Qods Municipality Reza Heydari said that 12 wagons from 38 wagons of the train had been derailed. - 4/3/13

Double-Digit Inflation Worsens in Iran

- Iran's double-digit inflation rate worsened for the sixth consecutive month in March, the government said on Monday, in what appeared to be an implicit acknowledgment that international sanctions linked to the disputed Iranian nuclear program are causing some economic harm. -NY Times - 4/3/13

US Considers Sanctions Against Pakistan for Iran Pipeline

- After nearly 20 years, there is considerable progress on the Iran-to-Pakistan "peace pipeline," with Iranian contractors starting work on Pakistani sections of the project, having finished nearly 900 kilometers of pipeline in Iran. - 4/2/13

How Iranian companies manage to keep trading with foreigners

- The past 15 months have been grim for Iranian businesses which trade with the outside world. America has tightened sanctions against Iran's financial system; the European Union has put an embargo on its oil; and international traders are wary of dealing with the country. -Economist - 4/1/13

Armenia: Do Iran's Sheep Pose A Threat To National Security?

- A pending agreement for Iran to graze sheep inside Armenia has sparked a furor among Armenian environmentalists and nationalists over whether or not the prospective deal poses a threat to the country's national security. -Eurasiareview - 4/1/13

Turkey resumes gold exports to Iran

- Turkey exported $120 million in gold to Iran in February and, according to Reuters, this evidence reveals that despite U.S. restrictions, the trade of natural gas for gold continues between the two countries, albeit at lower levels. - 3/30/13

Iranian fruit prices soar past legal limit

- Iranian media report that fruit is being sold at up to four times the prices set by the government for popular fruits during the Norooz holidays. Oranges and apples that sold for 15,000 and 16,000 rials a kilo respectively before the beginning of New Year on March 21 are now going for 60,000 and 40,000 rials. - 3/29/13

Chinese tanker, able to carry 2 million barrels of crude, seen at Iran port

- A Chinese supertanker with the capacity to carry two million barrels of crude has docked and embarked at an Iranian port, the first such move since the European Union imposed sanctions on Iran's oil in July. - 3/29/13

Iran to build world's tallest double-curved concrete arch dam

- President Mahmoud Ahmadinejad here on Thursday inaugurated construction operation of the world's tallest double-curved concrete arch dam in this western province. During the inauguration ceremony, the President hailed efforts of the Iranian experts and workers to carry out such projects in the country. - 3/28/13

Iran's trade with Dubai declines sharply

- Trade between Iran and Dubai has fallen by 31 percent compared to last year, Dubai customs officials report. Reuters reports that U.S. sanctions on Iran are at the root of this decline in trade between Iran and Dubai. - 3/27/13

Iran resumes exporting goods to Iraqi Kurdistan

- A provincial official said that export of goods from Qasr Shirin border city to Iraqi Kurdistan region has been resumed after halt due to Nowrouz holidays in the past three days. - 3/26/13

Iranian labour advocate slams inadequate wage increase

- The head of the Mashhad Worker's House says the pay increase given to workers for the New Year does not match the rate of inflation and is at least 20 percent lower than what workers need to cover minimum household expenses. - 3/24/13

India to ink transit agreement with Iran to ship goods to Afghanistan

- India is set to sign a transit agreement with Iran, and invest over USD 100 million in the southeastern Iranian port city of Chabahar in order to facilitate the transportation of commodities to Afghanistan. - 3/24/13

Iranian tycoon claims EU sanctions are unfair

- Iranian billionaire businessman Babak Zanjani has amassed the kind of fortune that could qualify him for a place on Forbes rich list. Instead he is on an EU sanctions list, accused of facilitating illicit oil deals for the Islamic Republic. -Fardad Fahrazad, BBC - 3/23/13

U.S. seeks to cut off Iran's use of euro

- The U.S. is looking at sanctions that would prevent Iran from using the euro in its international business dealings. U.S. sanctions have already cut off most of Iran's access to international transactions using U.S. dollars and, as a result, Iran has to carry out its business in other currencies. - 3/22/13

China Feb oil imports from Iran rises by 81% on year

- A recent report shows that China's February crude oil imports from the Islamic Republic of Iran have increased by more than eighty percent compared to the corresponding period last year. - 3/22/13

Iran's skyrocketing real estate prices

- Since autumn 2011, real estate prices in Iran's major cities, and especially in Tehran, have skyrocketed, turning developers into overnight millionaires. Part of the increase is due to a rise in the price of housing materials and land, which was triggered by the cut in fuel subsidies and the sharp drop in the exchange rate for the rial in relation to foreign currency. - 3/18/13

Iran's petrochemical exports exceed $10 billion

- Iran exported over $10 billion worth of petrochemical products in the first 11 months of the current Iranian calendar year, which began on March 20, 2012. The exported products amounted to 14.5 million tons in weight, the Shana News agency reported. - 3/15/13

Iran Oil Exports Seen Rising by IEA Even as Sanctions Widen

- Imports from Iran rose to 1.28 million barrels a day in February from 1.13 million barrels in January, the Paris-based adviser to 28 oil-consuming nations said in a report today. U.S. rules took effect last month that require importers to pay in local currencies kept in escrow accounts, the agency said. -Bloomberg - 3/15/13

US Presses China, Other Countries, on Cyber Attacks

- McCaul, writing last week in the Wall Street Journal, cited a January report by the U.S. cyber security firm Mandiant which identified China as the source of nearly 90 percent of cyber attacks targeting the United States. He said such attacks have also come from Iran and Russia. - 3/14/13

Iran's coming wage hike leaves experts unimpressed

- Iran says the country's minimum wage will increase by 25 percent for the upcoming Iranian new year, but labour activists and economic experts have dismissed the hike as insufficient. Official sources have put the rate of inflation at 31 percent, which has made labour activists critical of the mere 25-percent increase to the minimum wage. - 3/13/13

Photos: Ground broken for Pakistan section of IP gas pipeline

- Construction of the Pakistan section of the Iran-Pakistan gas pipeline officially started on Monday. The project was launched during a ceremony on the Iran-Pakistan border attended by Iranian President Mahmoud Ahmadinejad and Pakistani President Asif Ali Zardari. - 3/12/13