Baku, Azerbaijan, Mar. 16
By Fatih Karimov - Trend:
Iran and Croatia inaugurated their second joint cigarette production line in the northern Iranian city of Sari.
Mehdi Eslampanah, production manager of the Iranian Tobacco Company, said that the first and second production lines have a capacity to produce 2 billion cigarettes per year, Iran's Mehr news agency reported on March 16.
Croatia has invested €15 million and the Iranian Tobacco Company has invested 3.5 trillion rials (about $125 million) in the project, he noted.
Eslampanah said the second production line will come on stream in the next Iranian fiscal year, which begins on March 21.
In September 2013, the Iranian Tobacco Company and Croatian TBR Company jointly launched the first cigarette production line. The two sides invested 1.7 trillion rials each (about $68 million based on the official exchange rate) in the project.
The first cigarette production line produces 6.2 billion cigarettes per year.
The Iranian Tobacco Company sold 7.05 trillion rials (about $235 million) worth of products in the previous Iranian calendar year.
The figure is 32 percent more than the preceding year.
The company produced 19 billion cigarettes in the previous year, which shows a 15-percent increase compared to the preceding year.