Baku, Azerbaijan, Nov. 18
By Umid Niayesh- Trend:
Iran has achieved preliminary cooperation agreement with leading European companies in steel and aluminum sector, Mehdi Karbasian, Iran's deputy minister of industry, mines and trade said.
Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has concluded MoUs worth four billion euros with the EU companies which have carried out several projects in Iran in the past, Karbasian said, ISNA news agency reported Nov. 18.
He did not disclose any further details, yet said the issue most likely would be finalized during the upcoming visit of president Hassan Rouhani to the Europe.
Early in November representatives from Italian SMS INNSE as well as Danieli and Fata companies met with Karbasian, expressing readiness to invest in Iran's steel and aluminum sector.
Rouhani was scheduled to visit Italy and France on Nov. 14, but canceled the EU tour following the deadly attacks in Paris. The visit was postponed to a "most suitable time" in the future.
Karbasian also said that during Rouhani's visit, a MoU worth 500M euro will be signed with a French company for cooperation in the aluminum sector.
Karbasian, who heads the IMIDRO also said that a joint steel company with foreign partners will be established in the future.
The foreign parties will finance 60 percent of the investments within the company, meanwhile Iranian side handle the remaining 40 percent.
The IMIDRO will be the main Iranian shareholder in the company, Karbasian said, expressing readiness for transferring the organization's share to private sector once the project comes on the stream.