Investments worth $15M to be made in Iran’s PGSEZ

Business Materials 26 August 2019 18:04 (UTC +04:00)

Baku, Azerbaijan, Aug. 26

By Elnur Baghishov – Trend:

An agreement was signed for making investments worth $15 million in the Persian Gulf Special Economic Zone (PGSEZ) located in Iran’s southern Hormozgan Province, said Managing Director of the PGSEZ Hassan Khalaj Tehrani, Trend reports referring to Shata News Agency.

According to him, the investment will be made in the construction of a ferroalloy and cord wire production plant. He added that the plant will have an annual production capacity of 41,000 tons.

"As per contractual agreements, the area where the plant will be built has been handed over to the investor," he said.

With the commissioning of the plant, Iran’s demand for the aforementioned products will be met domestically.

Khalaj Tehrani added that the plant will produce a variety of ferroalloy products, including ferrosilicon, ferromanganese, ferrochrome and ferrosilis.

The PGSEZ (full name: Persian Gulf Mining and Metal Industries Special Economic Zone), located in the port city of Bandar Abbas in Hormozgan Province, is a zone belonging to the Iranian Mines & Mining Industries Development & Renovation Organization (IMIDRO).