Foundry Daily News

CN / Iran - China to Finance Steel Projects in Iran

The Chinese are going to finance 7 major industrial projects in Iran on steel production, an Iranian official said.

Speaking to Tasnim on Wednesday, CEO of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mahdi Karbasian said an Iranian bank has finalized arrangements for the letters of credit (LCs) for financing the seven projects by the Chinese companies.

After tight business talks in Iran and China, the Chinese agreed to make a 1.8-billion-dollar investment in the steel production projects, he added.

Last week, Karbasian made it clear that IMIDRO would not confine itself to attracting Chinese financiers alone, but has launched talks with Europeans as well.

“If the Chinese offer appropriate price and quality, they can definitely be among our future partners in the (industrial) projects,” the Iranian CEO had announced.

In recent years, China has financed many Iranian projects, especially in the oil and petrochemical industries.

Meanwhile, the conclusion of nuclear talks between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) has encouraged many other countries to consider investing in Iran.


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