Iran signs €2.2bn rail deal with China’s CMC

Iran signs €2.2bn rail deal with China’s CMC ... 22/05/2017 Economy

Keywords:#Ankara, #Beijing, #CMC, #China, #Chinese, #Export, #Financial_Tribune, #Germany,, #Import, #Iran, #Iranian, #Isfahan, #Istanbul, #Kashan, #Machinery, #Mashhad, #Minister_of_Economic_Affairs_and_Finance, #Qom, #Siemens, #Tehran, #Turkish

Iran has finalised a €2.2bn deal with China National Machinery Import and Export Corporation (CMC) to electrify a 926-km railway from Tehran to the northeastern city of Mashhad, a deputy minister of roads and urban development said.
Two-thirds of the contract are financed by the Chinese government with a very low interest rate, with the remaining third covered by Chinese insurer Sinosure, Asghar Fakhrieh-Kashan, who oversees Iranian firms’ talks with international businesses, told The Financial Tribune.
“Issues regarding the government guarantees were resolved during Minister of Economic Affairs and Finance Ali Tayyebnia’s recent visit to China,” he added.
Tayyebnia attended the One Belt, One Road summit in Beijing earlier this month.
“Only drafting and other paperwork remains,” Fakhrieh-Kashan said, announcing that CMC representatives will be in Iran in June to sign the contract.
“This is an important project that raises the operational speed of the line to 200 km/hour, meaning passengers can travel from Tehran to Mashhad in about four and a half hours.”
In 2014, CMC constructed the Ankara-Istanbul high-speed railroad, together with China Railway Construction Corporation Limited and Turkish companies.
Iran’s MAPNA Group is “the main domestic subcontractor”, Fakhrieh-Kashan said.
The Iranian holding signed a preliminary deal in October 2016 with Germany’s Siemens for the joint manufacture of 70 electric locomotives to be used in Tehran-Mashhad route.
Among other major railroad projects Iran is carrying out with the help of international companies, Fakhrieh-Kashan referred to a high-speed line from Tehran to Qom and Isfahan, for which Iran has already signed a contract with China Railway Group Limited known as CREC.
Image: Aerial view of Mashhad, Iran (Nima Najafzadeh/Creative Commons)

* * * --- ---

Read more from Source »

Related articles based on keyword density
China’s EXIM inks Iran's $1.5bn high-speed rail deal ... 26/07/2017 Economy
*** China's CMC has undertaken to electrify the 926-km line between Tehran to Mashhad. The Export-Import Bank of China (EXIM) signs a $1.5 billion dea...View Details»

Iran’s railway revolution ... 15/12/2015 Auto
14 December 2015 | By David Rogers How the Islamic Republic is set to become the land bridge that connects the continents. Following the deal struck b...View Details»

Iran: The Place Where The World's Rail Industry Goes To Feast... 31/10/2017 Economy
Wade Shepard , Contributor With most sanctions lifted, Iran is going all-in on its potential to become a transport hub in the heart of Eurasia, retur...View Details»

Iran official running anti-coronavirus task force has virus... 25/02/2020 Health
By JON GAMBRELL DUBAI, United Arab Emirates (AP) — The head of Iran’s counter-coronavirus task force has tested positive for the virus himself, auth...View Details»

Iranian Nuclear Energy Program History - Iranian Nuclear Energy Progra... 19/11/2013 History
Iran’s nuclear energy program was launched back in the 1950s, when Shah Mohammad Reza Pahlavi – an ally of the West - was in power. Western states jum...View Details»