For the first time in the history of Iran’s oil industry since 1901, 3,000 tons of Euro-5 gasoline was sold via the international ring of Iran Energy Exchange, also known as IRENEX.
Iran and Azerbaijan have been seeking to further expand their commercial, economic and trade ties against all odds. The two neighbours are getting closer each day and want to cement their relations.
Tehran has been planning since 2008 to redenominate the national currency as it continued devaluation. Now, the government is pushing the plan forward following the drastic loss of the currency value last year after the restoration of economic sanctions on Tehran in 2018.
Iran and Syria are set to establish three joint factories that will supply the country with vital staples such as anti-cancer medicine, baby formula and cars.
Many countries are considering joining the European payment mechanism. Sweden, after Finland, is the second Scandinavian country to express readiness to be part of the trade channel.
Iran private sector says it has all the capacity to fully enter the Iraqi reconstruction market as the neighbouring country eyes foreign investment to rebuild itself.
Securities and Exchange Organization (SEO) of Iran and the Iraqi Securities Commission (ISC) signed a Memorandum of Understanding (MoU) to create a joint investment fund.
Iranian ship Bavand, which had been at the heart of a geopolitical spat between Brasilia and Tehran, set sail from Brazil on Monday after receiving fuel from state-run Petroleo Brasileiro, the port of Paranaguá said.
In a push to process transactions more quickly, INSTEX is rolling out a new factoring service for European exporters. The company is also making new hires that will enable it to expand operations in the coming year.
The foreign exchange market is meant to bring under control the market that has been spiraling out of control following the reimposition of unilateral US sanctions.