Baku, Azerbaijan, Oct. 20
By Fatih Karimov - Trend: Chinese firms will invest in building Iran's first fiberglass production unit.
China's CNBM and Sinoma inked a memorandum of understanding with Iran's Gostaresh Alyaf Shisheh Marand Company to build a fiberglass production unit, IRIB reported on October 20.
The project will cost 460 million yuan and 1030 billion rials (totally about $100 million). The production unit's output will be 30,000 tons per year. It will be established over the course of 24 months.
Products of the company will be used in vehicle, wind power, vessel, and construction industries.
The Chinese side has pledged to provide 30 percent of equipment needed for the company.
Iran currently imports around 50,000 tons of fiberglasses annually for domestic industries.