• 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

  • 5% Decline in Airports Traffic
    Iran Airports Company registered 33,651 takeoffs and landings during the Iranian month ending March 20, 2018, which shows a 5% decline compared with last year’s corresponding period. Close to 4.07...
  • China remains Iran’s biggest trading partner.
    Some 100 trillion rials (over $2.38 billion) worth of confiscated contraband are being kept in warehouses, the fate of which has not been decided, the head of Majlis Industries and Mining...
  • Discounts on PMO Service Charges
    In pursuit of the new Iranian year’s national goal, “Support for Iranian Products”, as well as improving the competitiveness of Iranian ports and non-oil exports, the Ports and Maritime...
  • CBI Puts  Inflation  at 9.2%
    The average goods and services Consumer Price Index for urban areas in the 12 months ending April 20, which marks the end of the first Iranian month of Farvardin, increased by 9.2% compared with...
  •  The INSTC Friendship Motor Rally has been jointly organized by Iranian and Indian entities.
    Drivers from Iran, India, Russia and Azerbaijan will participate in the International North-South Transport Corridor Friendship Motor Rally to help promote the corridor to their respective nations...
  • Labor Ministry Reports Provincial Share of GDP
    The Ministry of Cooperatives, Labor and Social Welfare’s Center of Statistics has published Iran’s provincial share of GDP for the fiscal 2015-16.  Tehran Province, wherein lies the capital city,...
  • Hand-Woven Carpet Exports at $424m Last Year
    Some 5,400 tons of hand-woven Persian carpets worth $424 million were exported from Iran in the last fiscal year (ended March 20, 2018), registering an increase of 18.11% in value compared to the...
  • The total resources of the Subsidy Reform Plan stood at 2.78 quadrillion rials ($66.19 billion) during March 2010-17.
    Less than 1% of the revenues earned from the Subsidy Reform Plan were allocated to the production sector between 2010-11 and 2016-17, according to a report by Majlis Planning and Budget Commission...
  • Government Plans $12b Debt Swap Deal With SSO
    The government plans to clear over 60% of its debt to the Social Security Organization (500 trillion rials or $12 billion) through a debt swap deal, the deputy minister of cooperatives, labor and...
  • Russia Signs EAEU-Iran FTZ Agreement
    Russian Prime Minister Dmitry Medvedev signed an interim agreement with a validity of four years for...
  • Modern Irrigation Systems  Installed Over 180,400 ha Last Year
    More than 180,400 hectares of farmland were equipped with modern irrigation systems in the last Iranian year (March 2017-18), the chairman of Modern Irrigation Systems Project undertaken by the...
  • Non-Oil Trade With Italy  Up 9.6%
    Iran traded $1.85 billion worth of non-oil goods with Italy in the last Iranian year (ended March 20, 2018), which is 9.67% more compared to the year before, making the European country Iran’s 10th...
  • 12% More Foreign Flights Using Iranian Airspace
    The number of foreign flights using Iran’s airspace in the last Iranian year (ended March 20, 2018) increased by 12% compared with the year before, the Ministry of Roads and Urban Development’s...
  • Erbil Confab to Focus on  Iran Trade
    Iran-Iraq Chamber of Commerce plans to send a business delegation to Erbil in Iraqi Kurdistan to attend a conference on expansion of trade ties between Iran and the Kurdish region, the chamber...
  • IMIDRO’s Report on Downstream, Upstream Steel Sectors
    A total of 38.34 million tons of iron ore concentrate was produced in Iran in the last fiscal year (ended March 20, 2018), to register an 18% growth compared to the year before. According to the...
  • Silk Thread Import Tariff  Up 26 Percent
    The import tariff for silk thread has increased from 15% last year to 26% in the current fiscal year (started March 21), the head of Sericulture Expansion Center affiliated with the Ministry of...
  • Because Iran is mostly arid, the agricultural sector relies on underground water resources to continue production.
    Iran has been facing acute water scarcity since past many years.  The effects of warming climate and lower precipitation over the years have exacerbated the problem, but it cannot be fully blamed...
  • Qeshm Ports Throughput Grows 2.2%
    A total of 695,454 tons of oil and non-oil products were loaded and unloaded in the ports of Qeshm Island located near the Strait of Hormuz during the Iranian month of Farvardin (March 21-April 20...
  • Iran Business Environment Improves
    Iran’s National Business Environment Index improved slightly in the fourth quarter of the last fiscal year (Dec. 22, 2017-March 20), according to the results of a study undertaken by Iran Chamber...
  • Pinto Bean Imports Top $53m in 11 Months
    More than 41,500 tons of pinto beans worth close to 1.85 trillion rials (about $53.77 million) were imported into Iran during the 11 months to Feb. 19, figures released by the Islamic Republic of...
  • 3 Rail Projects to Roll in H1
    Three rail projects, namely Urmia, Rasht and the second track of Tabriz railroads, will come on stream in the first half of the current Iranian year that started on March 21, a deputy minister of...
  • SCI Puts Inflation  at 8.1%
    The goods and services Consumer Price Index in the 12-month period ending April 20, which marks the end of the Iranian month of Farvardin, increased by 8.1% compared with last year’s corresponding...
  • Government Expenditure Payments Made Public
    Treasury’s public expenditure payments have been made public on Mefa.ir.  Following President Hassan Rouhani's call for safeguarding citizens’ rights, the Ministry of Economic Affairs and Finance...
  • Border couriers are residents of mainly Kurdish-dominated provinces of West Azarbaijan, Kermanshah and Kurdestan who carry contraband on their backs through mountainous areas to earn their livelihood.
    Shopkeepers of border markets in the Kurdish-dominated provinces of western Iran have not opened their stores for nearly a week to protest against the closure of Iran-Iraq crossings to border...
  • Export Volume to Afghanistan Surpasses 21%
    Iran exported 5.91 million tons of commodities worth $2.79 billion to Afghanistan last year to register a 21.38% rise in tonnage and 13.57% increase in value year-on-year. According to the Islamic...