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Iran, Oman sign 12 cooperation agreements

Iran and Oman have signed 12 cooperation documents and memorandums of understanding for the expansion of bilateral cooperation in various fields, as Iranian President Ebrahim Raeisi visits the Persian Gulf sultanate.

Macro Economy

Iran agrees to jointly develop Hengam oilfield with Oman

Minister of Petroleum Javad Owji says Iran agreed to form a committee with Oman to jointly develop the Hengam oilfield, which straddles their sea border.

Energy

Iran reports annual record in electricity use

Electricity use in Iran has peaked to an annual high of 50 megawatts (MW) per hour as authorities expect the consumption to rise in the coming days with a warm spell driving up cooling demand across the country.

Energy

Iran launches 320 MW power plant in Qeshm island

Iran has launched a major power plant in its largest island in the Persian Gulf amid efforts to boost investment in the region.

Energy

China to receive 2 million barrels of Iranian oil within days

A very large Iranian crude carrier is set to discharge 2 million barrels into an oil terminal in China this week after Western media reports claimed that Beijing might be replacing Iran’s barrels with cheaper Russian shipments.

Energy

Iran to barter crude oil for grains from Cuba

Iran will barter its crude oil for grain shipments from Cuba as part of agreements reached between senior officials from the two countries in recent weeks, says a senior Iranian Foreign Ministry official.

Trade

Cuba seeks Iran’s help to expand its mines

Cuba is seeking Iran’s help to expand its mining and metals sector as the two countries move to raise their economic cooperation to a new level.

Mine and Industry

Iran Khodro reports record daily output

Iran’s largest carmaker the IKCO has reported a record daily output figure amid efforts in the company to improve production processes.

Mine and Industry

Iran raises prices of four essential food items

The Iranian government has approved major price hikes for four essential food items as part of a plan to liberalize prices by removing subsidies given to importers and suppliers and redirecting them to the households.

Society Economy

Iran’s rial falls on inflation expectations

The Iranian rial has fallen slightly against international currencies amid expectations that a new government plan to overhaul the country’s subsidy system could cause massive price hikes while speculators bet that exchange prices will rise if international talks to revive Iran’s nuclear deal fail to reach a conclusion.

Financial Markets

Iran Chamber of Commerce, Industries, Mines and Agriculture

Established in 1884, Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) is a non-profit and non-governmental institution which aims at facilitating economic growth and development in the country. Iran Chamber tries to further coordinate the activities of the private sector. As an economic forum, representatives from both the government and the private sector attend Iran Chamber's sessions. Meanwhile the institution acts as an advisory body to the government, parliament and judiciary.

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