China’s Sinosteel Corporation has signed a Memorandum of Understanding (MoU) with Iranian Mines & Mining Industries Development & Renovation (IMIDRO) to implement three projects in Iran’s aluminum industry.
Based on the MoU, subsidiary Sinosteel Equipment and Engineering Co. Ltd. will implement three projects, including:
- a plant for production of alumina powder ( 1.6 million tons);
- another for aluminum ingots (350,000 tons);
- a 1000-MW power plant to supply those factories.
The two aluminum factory projects will be implemented in the form of EPCF (Engineering, Procurement, Construction, and Finance) or joint venture.
The power plant, however, will be constructed through direct investment using the BOO (Build, Own, and Operate) project model.
Sinosteel and IMIDRO are also planned to assign a working group in a bid to set the grounds for implementation of the MoU, and to implement the second phase of the plan (aimed at doubling the production capacity) once the first phase is implemented.
Before signing the MoU, the Sinosteel CEO Huang Jian expressed his country’s and his company’s willingness to boost cooperation with Iran in the post-sanctions era.
Mahdi Karbasian, Chairman of IMIDRO’s Executive Board, also welcomed Sinosteel’s investment in Iran, and urged the implementation of the projects based on modern environmental standards and up-to-date technologies.
(Source: Tasnim, under Creative Commons licence)