Categories: Industry

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

Emad Askarieh

Emad Askarieh has worked as a journalist since 2002. The main focus of his work is foreign policy and world diplomacy. He started his career at Iran Front Page Media Group, and is currently serving as the World Editor and the Vice-President for Executive Affairs at the Iran Front Page (IFP) news website.

Recent Posts

Israeli Parliament passes law to deport families of Palestinians involved in attacks against settlers

The Knesset (Israel’s parliament) passed a new controversial law Thursday that allows the deportation of…

5 hours ago

Trump’s team seeks postponing Ukraine’s NATO membership for at least 2 decades: Report

One idea within US President-elect Donald Trump's team for ending Russia's war involves delaying Ukraine's…

5 hours ago

Ex-Iranian MP: Trump’s election similar to Taliban return to power

A former Iranian Parliament member likened Donald Trump re-election as the US president to the…

9 hours ago

Iranian analyst deplores failure to restore JCPOA following Trump re-election

A veteran Iranian journalist and political analyst says Iran had almost four years since US…

11 hours ago

Biden rushing to deliver billions in remaining aid to Ukraine ahead of Trump’s inauguration

The administration of Joe Biden is planning to rush the delivery of the remaining $6…

11 hours ago

Ayatollah Khamenei: Resistance will definitely emerge victorious

The Leader of Iran’s Islamic Revolution Ayatollah Seyyed Ali Khamenei has paid tribute to the…

11 hours ago