• HEPCO Privatization: Once Bitten, Twice Bitten, Thrice?

    This is the story of Iran’s largest producer of mineral machinery, Heavy Equipment Production Company (HEPCO), who weathered two privatizations, two financial collapses and is now going through its second return to the government.
    HEPCO once used to command respect, not only in Iran but also in the Middle East. It was the main supplier of armored road machinery for Iranian forces in the 1980-88 Iran-Iraq War, had one of the largest workforce of specialized engineers in post-revolution Iran and singlehandedly met the market demand.
    But now its second primary shareholder in less than a decade has quit after months of worker strikes and inactivity in the factory, leaving the firm in limbo.
    The path ahead is still unknown for HEPCO. Legally speaking, the company should go to the previous owner, in view of the current one’s withdrawal. But the previous owner, under whose lead HEPCO withered, seems unenthusiastic to take the helm again, and so are the government officials in charge of the share transfer.

Domestic Economy

  • Alborz Attracts $555m in FDI Post JCPOA
    Alborz Province in north-central Iran has attracted $555 million in foreign direct investment following the nuclear deal Iran signed with world powers in 2015 (known as Joint Comprehensive Plan of...
  • $4m Allocated for Revival of  Palm Trees in Shadegan
    Some 170 billion rials ($4 million) have been earmarked in the current fiscal budget to revive the palm trees of Shadedan in the southern Khuzestan Province, the government spokesperson said....
  • US Threatens European Firms With Sanctions for Business With Iran
    The United States threatened on Sunday to impose sanctions on European companies that do business...
  • Iran Road Casualties Cost 7% of GDP
    Motor vehicle crashes cost Iran as much as 6-7% of the country’s gross domestic product, the head of Air Emergency Medical Services said on Monday.  Noting that road accidents claimed the lives of...
  • 5 MoUs to Boost Relations With Sri Lanka
    Iran and Sri Lanka signed five memoranda of understanding in the presence of the two countries’ presidents...  
  • ATR to Continue Delivering Iran Air Planes; Boeing, Airbus to Decide Soon
    Franco-Italian planemaker ATR is ready to deliver a number of airplanes to Iran Air before the US sanctions’ revival in August, an advisor to the minister of roads and urban development said on...
  • Russian Delegation in Mazandaran
    A delegation from Russia’s Volgograd Oblast arrived in Sari, the provincial capital of Mazandaran, on Monday for a three-day visit aimed at exploring ways of boosting bilateral trade. The Russian...
  • China Appreciates US Position on ZTE
    China’s Foreign Ministry said on Monday the country appreciated the US position on ZTE Corp, following...
  • Doha Hosts 6th Meeting of Iran-Qatar Economic Commission
    The first day of the sixth meeting of Iran-Qatar Economic Commission was held on Sunday in Doha where economic and business experts from the two countries surveyed issues of mutual interest.  The...
  • Value added tax accounts for the lion’s share of total tax revenues in Iran with 23.5% and is followed by corporate tax and import tariff.
    Extensive tax exemptions granted to certain organizations and agencies in Iran have set the stage for numerous cases of tax evasion. This has consequently increased pressure on different economic...
  • Raw Silk Imports Top $11m
    About 292 tons of raw silk worth 385.76 billion rials ($11.28 million) were imported during the last Iranian year (March 2017-18), figures released by the Islamic Republic of Iran Customs...
  • Iran-Bulgaria Business Forum in Tehran
    A forum between Iranian and Bulgarian businesses has been scheduled to be held at Iran Chamber of Commerce, Industries, Mines and Agriculture on Monday. The Bulgarian delegation is headed by the...
  • German Foreign Minister Heiko Maas
    Germany wants to help its companies continue doing business in Iran after the US decision to reimpose...  
  • Peanut Imports at $33 Million
    Iran imported more than 28,117 tons of peanuts worth $33.88 million during the last fiscal year (March 2017-18), Mizan Online reported, citing data from the Islamic Republic of Iran Customs...
  • ICCIMA Delegation to Accompany Rouhani in July Europe Visit
    An Iranian business delegation headed by Iran Chamber of Commerce, Industries, Mines and Agriculture Chairman Gholamhossein Shafei is scheduled to accompany President Hassan Rouhani to Switzerland...
  • Wheat Output Estimated to Top 13m Tons
    About 13.4 million tons of wheat are estimated to be produced in the country during the current fiscal year (March 2018-19), the manager of “Wheat Project” undertaken by the Ministry of Agriculture...
  • How Europe Could Save Iran Nuclear Agreement
    Foreign ministers from Germany, France and the UK on Monday will meet with Iranian officials...
  • Turkmen Delegation in Tehran
    A high-ranking political-economic delegation arrived in Tehran on Saturday to discuss ways of improving all-round ties between the two neighboring countries.  Turkmenistan’s Deputy Prime Minister...
  • Rosewater Exported to  30 Countries
    Around 4,344 tons of rosewater worth 428.1 billion rials ($12.24 million) were exported to 30 countries from Iran during the last fiscal year (March 2017-18), based on figures released by the...
  • The 2,300-kilometer Chinese railroad that links Urumqi, the capital of China’s Xinjiang Province, to the Iranian capital Tehran was first proposed in late 2015.
    A freight train service from Bayannur city in north China’s Inner Mongolia Autonomous Region to Tehran, Iran’s capital, was launched on Thursday morning. “The train, carrying 1,150 tons of...
  • State Salaries to Be Made Public
    The Administrative and Recruitment Organization announced on Friday that a retrospective directive has been issued to all state entities on May 8 for disclosing the full details of payments,...
  • Agriculture Minister Attends FAO Confab
    Iran’s Agriculture Minister Mahmoud Hojjati participated in the 34th Session of FAO Regional Conference for the Near East in the Food and Agriculture Organization of the United Nations headquarters...
  •  Shahid Rajaee Port is Iran’s biggest container port at the mouth of the Strait of Hormuz.
    Close to 6.55 million tons of oil and non-oil products were loaded and unloaded at Shahid Rajaee Port in the southern Hormozgan Province during the first month of the Iranian year (March 21-April...
  • German Economy Minister Peter Altmaier
    Germany is ready to help minimize the impact on its businesses of US President Donald Trump’s...
  • IRICA to Manage All Iranian Ports
    The Islamic Republic of Iran Customs Administration will handle the management of the country’s 43 seaports and 23 land ports, director general of the administration’s Provincial Coordination...