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After the coup of 19 March 1953 in the socio-political history of Iran there were fundamental changes: the powers of parliament were limited and the absolute power of Mohammad Reza Shah Pahlavi was...

In the Middle East, Saudi Arabia and the Islamic Republic of Iran are two countries that claim to leadership in the region. With a powerful resources and political potential these countries are the...

Business & Economics, Iran

29.10.2013

India's crude imports from Iran fell 40 percent in the first nine months of this year as some refiners cut purchases from the sanctions-hit nation while waiting for New Delhi to back local insurers covering plants processing the oil, Reuters reported.

European reinsurers, due to Western measures targeting Iran's disputed nuclear programme, have added a clause in contracts with Indian refiners that could mean claims arising during the processing of Iranian oil would not be met.

23.10.2013

The Oil Ministry of Iran has rejected some news published by domestic media that Chinese investors have cancelled financing $20 billion worth of petrochemical projects in Iran, the Shan News Agency reported.

Chinese investors have generally agreed to invest in Iran's petrochemical sector and there is no problem in this regard, the report said.

On Monday, the Mehr News Agency reported that Chinese investors have not met their obligations to invest $20 billion in Iran's petrochemical projects.

15.10.2013

Iran's oil minister Namdar Bijan Zangeneh has revoked previous decision on disestablishment of the National Iranian Gas Exports Company (NIGEC), Fars news agency reported.

After a several-hour meeting with his officials, Zangeneh issued an order, according to which, NIGEC will continue to operate as previously.

It should be reminded that on Oct. 14, Iran's Deputy Oil Minister Hamidreza Araqi issued an order to disestablish NIGEC.

Araqi said NIGEC will later be merged with the newly established international affairs unit of the National Iranian Gas Company.

02.10.2013

The Central Bank of Iran has reported that the growth rate of the domestic industry sector fell from 10 per cent to minus 13 per cent during the past two years ending autumn 2012. A separate report by the Majlis also indicates economic growth indices have degenerated in recent years.

On Monday September 30, many Iranian newspapers published sections of the Central Nank's report about economic indicators in the third quarter of the Iranian year 1391 (March 2012-March 2013), and called the economic situation of the country in the past two years 'amazing' and 'incredible'.

02.10.2013

Even if Iran imports 40 million cubic meters of gas daily from Turkmenistan, the country would still face a 30 billion cubic meters gas shortage this winter, the Iranian Oil Minister Bijan Namdar Zanganeh said on Tuesday.

"Iran also needs to use up to eight million cubic meters of gas per day from the Sarajeh and Shourijeh gas storage facilities in the cold months," the Mehr News Agency quoted Zanganeh as saying.

"The country's domestic consumption has increased in the past four year, while no phase of the South Pars gas field has come on the stream in the period," he said.

24.09.2013

Iran's car production has stood at 359,670 during the first half of the 2013 which indicates a fall by 38.5 percent compared to the same period of the last year, Organisation Internationale des Constructeurs d'Automobiles(OICA) reported.

According to the report, Iran ranked 21th in the world in terms of car production during the period.

The country has produced some 310,600 cars and 49,070 commercial vehicles during the first six months of the 2013.

24.09.2013

Iran will sell its tea harvest which has been stored for 15 years in warehouses to India, Sri Lanka, Turkey, and the Netherlands, ISNA quoted Iran's tea organization head Ali Mohrer as saying.

The tea products, which have been stored since 1990s, will be sold at 10,000-20,000 rials (400-800 cents) per kilogram, he added.

Some 30,000 tons of tea is produced in Iran per year, of which 7,500 tons is consumed in the domestic market.

18.09.2013

The new government in Iran has withdrawn all crucial oil and gas concessions that had been promised to India by its predecessor, the Indian Express reported.

Iran's Oil minister Namdar Bijan Zangeneh, reportedly told Indian ambassador D P Srivastava on September 1 that Tehran would not accept the entire payment for crude oil imported by India in rupees as agreed in July.

India was banking on 100 percent rupee payment for Iranian crude to cut its forex outflow.

11.09.2013

Oil ministry plans to revise contracts in order to increase the recovery rate of the country's active oil and gas fields, the Iranian Oil Minister Bijan Namdar Zanganeh said.

"Iran's current gas output level is not satisfactory," the IRNA News Agency quoted Zanganeh as saying.

"We can't increase the volume of gas production or imports, so the only option available is to increase the output of liquid fuel to meet domestic demands," he added.

"With long-term plans we can increase the country's gas output," Zanganeh said.

11.09.2013

Authorities at Iran's Bandar Abbas port demanded $500,000 from India to release the tanker which was carrying crude from Iraq, the Times of India reported.

Indian tanker Desh Shanti has been detained by Iran several weeks ago. Iran claimed to have detained the ship because of environmental concerns. Tehran authorities conveyed to India that the ship was polluting Iranian waters.