China ready to finance 7 Iranian steel projects

A view of the Mobarakeh Steel Mill, situated 75 kilometers (46 miles) southwest of the city of Isfahan, central Iran (file photo)

ILNA: Head of the Iranian Mines and Mining Industries Development and Renovation, IMIDRO, Mehdi Karbasian said that Chinese MCC Company is ready to finance seven Iranian steel projects.

Karbasian who leads an Iranian delegation that visited China said that the manager of MCC Company would visit Iran in the near future to become aware of the situation closely and negotiate the issues of scheduling and the ways of financing.

China Metallurgical Group Corporation (MCC) is a state owned enterprise involved in the construction of metallurgical, infrastructural facilities, other industrial projects.

Earlier, Iranian Ministry of Industry, Mine and Trade and MCC have signed a memorandum of understanding to expand industrial cooperation.

The MoU was signed by the Iranian Deputy Minister of Industry, Mine and Trade Mahmoud Dodangeh, and MCC President Shen Heting on June 6, 2012.

The memorandum of understanding seeks to increase industrial cooperation between Iran and China by ’three times compared to the current level.’

According to Press TV, the signing of the recent MoU adds 12 more projects to the ones already being implemented by the MCC, one of the world’s biggest engineering contractors, in Iran.

The MCC and China Export and Credit Insurance Corporation (Sinosure) have jointly invested $20 billion in previous projects in Iran. Press TV reported that with the addition of 12 more projects, the investment is estimated to increase to $30 billion.



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