IMIDRO, Sinosteel seal MoU on 3 aluminum projects

News ID: 3579460 -
TEHRAN, Mar. 14 (MNA) – Sinosteel Company of China has signed an MoU with IMIDRO to implement Alumina, Aluminum and power plant projects.

On the basis of the signed cooperation agreement between Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and Sinosteel Company, the Chinese side will create three plans for the production of Alumina powder, aluminum ingots as well as a power plant to supply electricity to the factories.

Accordingly, the production plan capacity for Alumina Powder and aluminum companies will be 1.6 million and 350,000 tons, respectively and the figure for combined cycle power house plant will be 1000 megawatts.

The two factories in the aluminum industry will be constructed under an Engineering, Procurement, Construction and Financing Contract (EPCF) while the power plant project will be implemented in the form of BOO (build, own, operate) partnership.

Both companies have appointed an emergency work group to take preliminary measures for the MoU and seek to implement the second phase of the plan with two-fold increase in capacity.

Prior to inking of the MoU, the President of Sinosteel Company Huang Tianwen voiced eagerness in boosting ties with Iran in post-sanction era.

Tianwen emphasized that his company will have direct financing and investment in the three projects; “previously, we had cooperation with major Iranian steel companies and we are trying to expand relations now.”

Also at the ceremony, IMIDRO Chairman of the Board of Executive Directors Mehdi Karbasian welcomed Sinosteel's investment in Iran calling for implementation of the plans in line with the latest environmental standards and technologies.

“Chinese banks' support of these plans would be regarded as a factor of timely implementation of plans and fulfillment of commitments,” added Karbasian.

 

HA/IRN82000700

 

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