Economy, Business And Markets

Chinese Firm to Invest in Iran’s Aluminum Sector

Chinese Firm to Invest in Iran’s Aluminum SectorChinese Firm to Invest in Iran’s Aluminum Sector

The Chinese Sinosteel Corporation has signed a memorandum of understanding with Iranian Mines and Mining Industries Development and Renovation Organization to establish an alumina production plant and an aluminum factory in Iran as well as a power plant to feed them, the IMIDRO reported on its website on Sunday. Based on the agreement, the alumina and aluminum factories will be jointly established under an EPFC (engineering-procurement-construction-financing) contract with an initial annual production capacity of 1.6 million tons and 350,000 tons respectively. The power plant will be constructed through a BOO (build-own-operate) contract through direct Chinese investment. Established in 1993, Sinosteel is a state-owned enterprise operating primarily in mining and mineral trading as well as equipment manufacture and industrial engineering with more than 86 subsidiaries across the world.