Jan 27, 2016, 10:32 AM
News Code: 81937497
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IMIDRO, Italian company to establish join company

Tehran, Jan 27, IRNA - Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and taly’s leading steel player Danieli are jointly to establish a new parent company dubbed 'Persian Metallic' in Chabahar free trade zone in southeastern Sistant-Baluchestan province.

The company is to undertake development of Products including iron ore, pellet iron ore, sponge iron and downstream products.

Head of IMIDRO Mehdi Karbasian said the company would be launched within the next weeks.

Karbasian reiterated that the Danieli would supply some 60 percent of the company's share and the rest will be provided by IMIDRO.

'The two sides have decided to increase the level of investments to two billion dollars' he added.

Two days ago, Iran and Italy signed multi-billion dollar contracts covering various sectors including health, transportation, agriculture and energy.

The contracts, worth up to 17 billion euros (USD 18.4 billion), were signed in a ceremony attended by Iranian President Hassan Rouhani and Italian Prime Minister Matteo Renzi in Rome on Monday night.

Prior to the ceremony, Reuters reported that a pipeline contract worth between 3.6-4.6 billion euros (USD 4-5 billion) for Italian oil services group Saipem was among the deals. The company’s shares surged 18.5 percent on Monday.