Iran Economy in Brief – No. 53

Aluminum Complex: A plan for 1.5 million tons production

Iran aims to three-fold its aluminum production by 2025. As aluminum is an energy-consuming industry, one of the key factors is where to build the plants. To promote investments, the Ministry of Industry plans constructing dedicated industrial parks.

In line to the plans of attracting the needed $10b investment, IMIDRO has assigned 300 Hectares land to develop downstream projects next to the upstream project of South Aluminum Project in Lamard Special Economic Zone.

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Iron Ore at Iran Mercantile Exchange

From February 2017, Iron ore will be offered on Iran Mercantile Exchange (IME) from the end of January. Until now iron ore was only offered on the export hall of IME, i.e. to be exported directly from the producer’s warehouses. However, now also local clients could trade future and forward contracts on iron ore.

Since the first offer in 2011, 12.2 million tons of iron ore, worth $712m, has been exported from the Mercantile Exchange.

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Iran seeks joint-venture with foreign home appliance manufacturers

The Ministry of Industry, Mining and Trade negotiates with American General Electric and Whirlpool as well as Italian Ariston in order to revive domestic home appliance factories.

However, the production of most of white appliances has experienced a growth over the past 8 months, but the Iranian market suffers from significant stagnation. Beside this, Ministry of Industry believes that the existence of so many brands in this market, not only does not lead to competition but creates lots of confusion for the costumers.

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Iran exports its largest shipment of tar from Persian Gulf Port

The country’s largest shipment of tar has been loaded onto a 9 thousand-ton ship for export at Persian Gulf Port in Hormozgan province.

Persian Gulf port is part of Shahid Rajayee Port Special Economic Zone, which is mainly used for oil products transportations. The opening of the port is effectively 100 meters and ships weighing a maximum of 12 thousand tons can move through its reservoir.

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