China to fix uncooperativeness on 7 Iranian steel projects

Business Materials 8 March 2015 18:28 (UTC +04:00)

Baku, Azerbaijan, March 8

By Khalid Kazimov - Trend;

Chinese Ambassador to Tehran Peng Sen has vowed to pursue the case of his country's financing seven Iranian steel projects.

In a meeting with Iran's Deputy Minister of Industry, Mine and Trade Mehdi Karbasian, Sen assured that delays by China Development Bank and China Export & Credit Insurance Corporation (Sinosure) in financing the projects will be taken care of as soon as possible, Mehr news agency reported on March 8.

The two Chinese organizations are required to pay for contractors and manufacturers of equipment gone into building the 7 steel complexes.

The Chinese sides have refrained for months from doing their part despite the fact that Iran has paid the advance payment required of it.

The Chinese ambassador asserted that his country seeks closer bonds with Iran due to the country's prominent regional status, therefore trying to fix the problems related to the projects.

The Iranian official, in turn, stated that Iran has performed its part of contract with China Metallurgical Group Corporation (MCC), but the company has been too slow in doing its part on the steel projects.

A Dec. 6 report said MCC had secured €1.8 billion funding for implementing seven steel projects in Iran.