IRI Agricultural Jihad Ministry has bought more than 10,5 million tons of farmers’ surplus wheat, Minister of Agricultural Jihad Sadegh Khalilian announced on Sunday. In the last Iranian year the figure stood at 9.5 million tons, he added. According to Khalilian, the country’s wheat production in the current Iranian year (started March 21) has reached [...]

The federal financial regulators in the US have shuttered eight more banks, bringing the number of banks failed this year to 118 amid an ongoing financial crisis. The Federal Deposit Insurance Corporation on Friday seized eight banks including four California-based banks, a community bank in Chicago, and banks in Florida and Virginia. In California bank [...]

Iran has exported more that $1.189 billion worth of chemical products in the first three months of the current Iranian year, which started March 21. Iran’s Ministry of Industries and Mines said in a report on Wednesday that the country exported items including organic chemicals, fertilizers, detergents, waxes and medicines, IRNA reported. The report added [...]

After three decades of impressive growth, China has finally overtaken Japan to become the world’s second largest economy behind the United States. As anticipated, the world will now have to reckon with a new economic superpower as China’s economy has been valued at $1.33 trillion in the second quarter, compared with Japan’s $1.28 trillion, according [...]

Managing director of Iran Khodro Rail Transport Industries Company (IRICO) said on Saturday that the company will export wagon parts to South Korea. Iran and South Korea have inked agreement on the issue worth 14 million euros, Naser Soufi told IRNA. Soufi said the IRICO products are produced according to the latest European standards. Iran [...]

Iran’s hand-woven carpet exports have risen by more than 40 percent in the first four months of the current Persian calendar year, Iran’s Customs Administration says. During the period, carpet exports reached USD 151.05 million, showing a 41.10 percent increase compared with the same period last year. Carpet weaving is one of the most distinguished [...]

A senior Iranian Oil Ministry official has announced plans to attract $85 billion in investments to fund 40 percent of the country’s fifth development plan. “This year permits were issued for $5 billion in participation bonds and $9 billion in foreign currency participation bonds,” SHANA quoted Acting Deputy Oil Minister Masoud Hashemian as saying on [...]

Iran’s non-oil exports have witnessed a 31 percent growth from March to July 2010 despite sanctions, the head of Iran’s Trade Promotion Organization says. Iran exported over 3,300 types of goods worth $7.7 billion to more than 160 countries in the first quarter of the current Iranian calendar year, which runs from March 21 to [...]

Iran’s inflation rate dropped to 9.1 percent in the last Iranian calendar month, the governor of the Central Bank of Iran (CBI) Mahmoud Bahmani has said. The annual inflation rate for the year ending in Tir, which ran from June 22 to July 22, fell by 0.3 percentage point to 9.1 percent, Mehr News Agency [...]

The Tehran Stock Exchange (TSE) has hit its highest record above 16000 points, as the market is witnessing steady growth. In early Monday trade, Tehran Stock Exchange index gained 188, reaching an all-time of 16056 points, ISNA reported. It comes as TSE has been witnessing steady growth over the past two years. The market has [...]

Despite the imposition of new UN sanctions, Iran’s gasoline reserves have increased by 15 percentage points compared to last year, a top Iranian energy official says. Iran is capable of supplying its gasoline needs and there will be no problem in future in this regard, the managing director of the National Iranian Oil Distribution Company [...]

UN Food and Agriculture Organization (FAO) announced that the Islamic Republic of Iran has become self-sufficient in milk production and will export milk for the first time this year. In this regard, Deputy Minister of Agricultural Jihad Sa’adatollah Abbasi said the country has produced over 9.5 million tons of milk till March 2010, adding the [...]

Iran’s oil minister has shrugged off sanctions against the country, saying the country will raise its daily gasoline output to 170 million liters in 4 years. “Iran will not beg foreigners for undertaking its oil, gas and petrochemical projects,” Massoud Mirkazemi said on Wednesday at the inaugural ceremony of two new projects in Morvarid Petrochemical [...]

Investment in Iran’s South Pars gas field has hiked by 120 percent in the current Persian calendar year, a top Iranian energy official says. Managing Director of Pars Oil and Gas Company (POGC) Ali Vakili told IRNA on Saturday that the boom was the result of the issuance of EUR 3 billion in foreign currency [...]

Gazprom Neft, the oil arm of Russian energy firm Gazprom, is looking to expand its foreign operations into oil-rich Iran and Cuba in defiance of sanctions slapped on both nations. Gazprom Neft deputy head Boris Zilbermints said the company was keen to conclude preliminary talks to develop the Anran oilfield in Iran by the end [...]

Iran has announced that oil swap deals with four Caspian Sea producers have not been renewed, adding that Tehran is working to negotiate better terms. “Negotiations are underway to calculate a real formula and fee for oil swaps,” Mehr News Agency quoted Iran’s Deputy Oil Minister Hossein Noqrekar Shirazi as saying on Saturday. “In oil [...]

The Islamic Republic of Iran and Myanmar will work to promote economic cooperation through the establishment of bilateral consultations between the foreign ministries of the two countries, said the official newspaper New Light of Myanmar Friday. The memorandum of understanding on the establishment was reached during a three-day visit to Myanmar by Iranian Deputy Minister [...]

The 15th international exhibition of oil, gas & petrochemical industries and products has been officially inaugurated in Tehran Permanent International Fairgrounds. Iran’s First Vice-President Mohammad-Reza Rahimi and Oil Minister Masoud Mirkazemi have attended the opening ceremony of the five-day show considered the biggest in the oil and gas sector in the Middle East and second [...]

Iran’s Finance Minister Shamseddin Hosseini says the country’s economic indicators have improved over the last year, despite the global economic crisis. Different economic indicators, including those defining the inflation rate, stock exchange, exports, and imports improved over the last Iranian year (that ended on March 21), Hosseini stated. He said that Iran’s inflation rate droped [...]

The State Oil Company of the Azerbaijan Republic (SOCAR) will start construction of a new natural gas pipeline to Iran this year, an official said Friday. Nazim Samadzade, the deputy chief at Azerigas PU, said SOCAR is set to build the 200-kilometer (124-mile) Sangachal-Azadkend-Astara pipeline, UPI reported on Friday. “It is expected that construction of [...]