TEHRAN (FNA)- Iran’s 2009/10 budget is expected to be based on an oil price of $37.50 per barrel, a “logical” level in view of last year’s price fall, Oil Minister Gholam Hossein Nozari said Sunday. An Iranian newspaper last month said the government and a parliament committee had an initial …

TEHRAN (FNA)- Relations between Iraq and Iran are developing in a number of ways, Iraqi Prime Minister Nuri al-Maliki said during a visit to Iran. “The exchange of high ranking visits between the two country’s officials shows that the bilateral relations are developing in different areas,” Maliki said after a …

TEHRAN (FNA)- Iran plans to build new storage tanks on Kharg Island in the Persian Gulf waters in a bid to raise its storage capacity by 25%. Construction work of the planned 5 million-barrel storage tanks on Kharg Island is expected to be completed by the next 30 months, Managing …