Economy, Business And Markets

China Invests $2b in Aluminum Project

China Invests $2b in Aluminum ProjectChina Invests $2b in Aluminum Project

Iranian Aluminum Company (Iralco) signed an investment agreement worth $2 billion with China Railway Group Limited in Tehran on Wednesday. “The project will be carried out in the second plant of Iralco in Kheirabad Industrial Town in Arak, the capital of Markazi Province. The plant is located near Arak International Airport and the trans-Iranian railroad,” Iralco’s managing director said in the signing ceremony, IRNA reported. Majid Pourattar also said the agreement includes the construction of a 350,000-ton smelter, one 500 MW power station and an anode project. “Kheirabad Industrial Town is expected to become a special economic zone in the not-too-distant future,” he said. Iralco is the first producer of aluminum in Iran. The plant was inaugurated in Arak in 1972. Its production stood at 180,000 tons in the last Iranian year (ended March 19, 2016), registering an over 9% growth compared to a year before.