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The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas reserves in the world.

The Islamic Republic of Iran has discovered new oil reserves in the amount of 15 billion barrels, 2 billion barrels of which is recoverable.

French construction company Vinci SA has agreed to develop Mashhad International Airport after representatives of the company visited the Iranian airport and held talks with its officials, the deputy head of Iran Airports Company has announced.

Iran will begin exporting natural gas through a pipeline to Oman by 2020 after re-routing subsea path to avoid waters controlled by United Arab Emirates, Iranian officials said.

Oman says it has arrived at an agreement with Iran to change the route and design of a planned undersea natural gas pipeline which will take natural gas from the Islamic Republic to the sultanate through the Persian Gulf.

January data signaled the strongest improvement in non-oil private sector business conditions for nearly two years. This was highlighted by the seasonally adjusted Emirates NBD Dubai Economy Tracker Index - a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy registering 57.1 at the start of the year, up from 55.9 to signal the fastest rate of improvement in 23 months. Furthermore, all the three key sub-sectors monitored by the survey recorded marked rates of expansion.

Significant progress in developing microbial fuel cells has been made by scientists, which rely on bacteria to generate an electrical current, that are cheaper and more efficient.

Engineers have developed a scalable manufactured metamaterial -- an engineered material with extraordinary properties not found in nature -- to act as a kind of air conditioning system for structures. It has the ability to cool objects even under direct sunlight with zero energy and water consumption.

A prototype biomimetic tree has been built that generates electricity when wind blows through its artificial leaves. The researchers think such technology may help people charge household appliances without the need for large wind turbines.