Tag Archives: Persian Gulf

Iran will reportedly open a branch of its Bank Pasargad in India in the next 2-3 months to help boost trade between the two nations to bypass the US unilateral economic sanctions which have blocked international banking channels.

Iran’s Oil Minister said that Tehran is increasing its revenues from oil derivatives after the US imposed sanctions on the country’s crude exports. adding that Iran eyes to produce over 100 million tons of petrochemicals a day by 2021.

Iran’s national currency of rial is regaining value against the US dollar as other economic indicators of the country are showing revival a year after US President Donald Trump imposed unilateral sanctions against Tehran.

National Iranian Drilling Company (NIDC). a subsidiary of National Iranian Oil Company. has dug 124 oil and gas wells across the country during the past year. a senior official said.

The Iranian government is planning to increase the heavily-subsidized price of diesel to make it more realistic and to discourage smugglers who are trafficking the fuel to the neighboring countries.

Iranian companies will replace foreign firms in major oil and gas projects of the country after some international contractors slowed down their activities under unilateral pressures from the US.

National Iranian Oil Company is set to grant the development project of the South Pars oil layer. in the Persian Gulf. to a domestic company. a senior official said.

South Pars is the world’s largest gas field.

The sole beneficiary of weapons stockpiling in the region is the defense industry of exporting countries.

Iran condemned the seizure of its tanker as piracy.