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Chairman of the Executive Board of Iranian Mines & Mining Industries Development & Renovation (IMIDRO) Mahdi Karbasian has said that China Metallurgical Group Corporation (MCC) has sent three resident representatives to Iran in order to follow the implementation of seven steel projects in the country.

He said that during a recent trip by an Iranian delegation to China aimed at opening the LCs (Letters of Credit) for seven steel projects, the ground was laid for precipitating in the projects.

He added that Iran is trying to make MCC carry out the funding measures in a way that the all projects would be complete in 36 months, Eranico reported on April 21.
“Nonetheless, things have so far been arranged so that some of the projects will be finished in 24 months,” he maintained.

The official said that Iran is trying to make parts of the projects producing sponge Iron turn operational by the end of the current Iranian calendar year (March 20).
He concluded that according to the plan, three of the sponge iron projects are expected to turn operational in the given time.

China had pledged €3 billion funding for implementing seven steel projects in Iran.
Meanwhile, Chinese Ambassador to Tehran Peng Sen vowed on March 8 to pursue the case of his country’s financing seven Iranian steel projects.

Sen assured that delays by China Development Bank and China Export & Credit Insurance Corporation (Sinosure) in financing the projects will be taken care of as soon as possible.
The two Chinese organizations are required to pay for contractors and manufacturers of equipment gone into building the seven steel complexes.

The Chinese sides have refrained for months from doing their part despite the fact that Iran has paid the advance payment required of it.

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