Dec 16, 2014, 1:11 PM
News Code: 81428271
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IMIDRO, China agree to accelerate provincial steel projects

Tehran, Dec 16, IRNA - Chairman of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasian met with senior directors of Chinese companies MCC Group, China Public Insurance Company (Sinosure) and MCC – CERI which are involved in seven provincial steel projects in Iran.

During the meeting, Karbasian discussed with the Chinese officials the settlement of issues relating to the finance of steel projects which has remained stagnant since a few months ago by the Chinese Central Bank.

Karbasian stressed that with the removal of bottlenecks provincial steel projects should gradually become operational within the next three years.

He said the plans have been withheld by the Chinese Central Bank while in recent months L/Cs have been opened for three projects out of seven, including Miyaneh, Shadegan and Baft.

However, he added, due to the problems created in the field of banking the projects have remained stagnant and IMIDRO is exerting utmost efforts to remove the problems.

Meanwhile, MCC Group deputy expressed regret over the delay and stressed that presence of the Chinese delegation together with officials of Sinosure in Iran is with an aim of accelerating the projects.

Sinosure deputy also said the Chinese government and his organization believe that seven steel projects are of great importance and for this reason will follow up the case seriously and will make efforts to solve the problems.

He further remarked that according to the regulations of the Chinese government in foreign projects financed by China, 70% of the products should be manufactured by China and the remaining 30% in other countries whereas in the seven projects it is on 50-50 basis and this is one of the advantages of the said projects.

He announced readiness of Sinosure for cooperation with Iran in implementation of the said projects.

During the meeting the two sides agreed on removal of problems and acceleration of the projects.

NS/1664