Thursday, 24 August, 2017

Iran signs its biggest-ever car deal with France’s Renault

Iranian Oil Minister Bijan Namadar Zanganeh (C-R) looks on as Patrick Pouyanne (L), Chairman and CEO of French energy company Total, and Ezzatollah Akbari, Managing Director of Petropars Group, sign an offshore gas field agreement in Tehran, on July 3, 2017.
French energy giant Total defied US pressure, signing a multi-billion-dollar gas deal with Iran, the first by a European firm in more than a decade. / AFP PHOTO / ATTA KENARE

Iran’s official news agency says two Iranian companies have signed the country’s biggest-ever car deal with French multinational automobile manufacturer Groupe Renault to produce 150,000 cars, beginning in 2018.

IRNA says the deal was signed on Monday in Tehran.

The €660 million — or $778 million — deal follows the lifting of international sanctions after Iran’s 2015 nuclear agreement with world powers.

It’s expected to create about 3,000 jobs for the two companies, Iran’s IDRO and the privately owned Negin Group. Renault has a 60 per cent partnership in the deal.

Last year, French carmaker PSA Peugeot Citroen reached a deal with Iran Khodro to open a plant producing 200,000 vehicles annually.

Iran produces about 1,350,000 vehicles a year, though authorities hope that number will reach three million annually by 2025.

AP

fair to share...Share on FacebookTweet about this on TwitterPin on PinterestShare on Google+Share on LinkedInPrint this pageEmail this to someone

Leave a Reply

Your email address will not be published. Required fields are marked *


*