Baku, Azerbaijan, Dec.6
By Fatih Karimov - Trend:
The China Metallurgical Group Corporation (MCC) has secured €1.8 billion funding for implementing seven steel projects in Iran, the Mehr News Agency quoted Head of the Iranian Mines and Mining Industries Development and Renovation, IMIDRO, Mehdi Karbasian, as saying on December 6.
The Chinese company is ready to finance seven Iranian steel projects, he said.
In October, Karbasian said that the manager of MCC would visit Iran in the near future to examine the situation closely and negotiate issues of scheduling and ways of financing.
MCC is a state owned enterprise involved in the construction of metallurgical, infrastructural facilities and other industrial projects.
On June 6, 2012, Iranian Ministry of Industry, Mine and Trade and MCC signed a memorandum of understanding to expand industrial cooperation.
This document seeks to increase industrial cooperation between Iran and China threefold 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.