IMIDRO: Chinese firms willing to invest in Iran’s steel industry

Iran industry
Iran industry

The Head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) says Chinese investors are interested in putting their money into Iran’s steel industry.

A team of Chinese investors have voiced their willingness to invest in Iran’s steel industry, a senior trade official said Wednesday.

“We will negotiate with the Chinese next week about Miyaneh steel project (one of the seven steel projects to go under negotiation for foreign investment) to pave the way for the start of its operation next year,” Head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasiyan said today.

He noted that the seven steel projects of Sepid-Dasht, Neyriz, Qaenat, Sabzevar, Shadgan, Miyaneh and Baft are also ready for foreign investment.

Trade between Iran and China in the past year was estimated at $45bln.

Iran is currently China’s third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption.

It marks China’s biggest crude import from Iran since it won a renewal of exemption from the United States’ oil embargo against Iran.

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