• General
  • Trading
  • Science & Technology
  • Fashion
  • Health & Safety
  • Games
  • Key Issues
  • Legal & Judicial
  • Home
  • About Us
  • Contact Us
  • Submit News
  • Sitemap
Nepal News Gazette
Menu
  • General
  • Trading
  • Science & Technology
  • Fashion
  • Health & Safety
  • Games
  • Key Issues
  • Legal & Judicial
 › General › Carmaker Renault Signs 660 Million-Euro Deal With Iran

Carmaker Renault Signs 660 Million-Euro Deal With Iran

nepalnewsgazette.com August 7, 2017     Comment Closed     General

French automaker Groupe Renault has signed a long-awaited joint-venture deal with Iran worth 660 million euros ($780 million).

The deal is expected to create about 3,000 jobs for the two Iranian companies involved -- the state-run Industrial Development and Renovation Organization, and the privately-owned Parto Negin Naseh Group, which imports Renault products to Iran.

A refurbished plant, located in Saveh, 120 kilometers southwest of Tehran, will produce Duster and Symbol cars, adding 150,000 vehicles annually to the Iranian market above Renault's already existing capacity of 200,000 vehicles a year in Iran.

The deal comes two years after Iran and global powers reached a deal to curb Tehran's uranium-enrichment program, easing concerns that it could develop nuclear weapons and leading to the removal of UN and European Union sanctions.

Unlike its chief competitor PSA, which makes Peugeots and Citroens, Renault never fully quit Iran during the years when sanctions were in place.

The first cars under the new deal are to roll off the assembly line in around 18 months. A second, three-year phase will start in 2019 with production expected to ramp up to 300,000 cars per year.

Renault, a majority shareholder with a 60 percent share in the deal, will have its own distribution network in Iran for the first time.

"This joint venture will enable an acceleration of our growth in this country," Renault executive Thierry Bollore said.

At the signing ceremony in Tehran, Iranian Industry Minister Mohammad Reza Nematzadeh said the deal would "establish a research and development center for designing" in the country.

Iran produces about 1,350,000 vehicles a year. There are around 30 car manufacturers in Iran, most of which locally assemble Chinese and Korean cars.

PSA, which quit the country when international sanctions hit in 2012, has been quick to rebuild its presence in Iran, which was the company's main engine of growth last year.

It signed a 400 million-euro ($428 million) deal in June 2016 to build 200,000 Peugeots a year in the country.

Overall production in Iran is expected to reach 2 million cars a year by 2020, up from 1.2 million in 2016.

French firms have been at the forefront of rebuilding trade ties with Iran since the nuclear deal, with energy giant Total signing a billion-dollar gas deal last month despite mounting pressure from the United States to isolate the country.

Copyright (c) 2015. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave NW, Ste 400, Washington DC 20036.

General

 Previous Post

Joining Some Arab States, Israel Says it Plans to Ban Al-Jazeera TV

― August 6, 2017

Next Post 

Reports: Turkey Begins Building Border Wall With Iran

― August 8, 2017

Author: nepalnewsgazette.com

Related Articles

nepalnewsgazette.com ― January 24, 2021 | Comment Closed

Parliament reinstatement only one agenda of NC’s protest: Leader Poudel

Nepali Congress senior leader Ramchandra Poudel has said that Parliament reinstatement was the only one agenda of NC. Speaking in a programme here today, leader Poudel argued that the NC was protesting to safeguard the democracy and constitution as...

nepalnewsgazette.com ― January 24, 2021 | Comment Closed

Farmers worried over fading snowfall

nepalnewsgazette.com ― January 24, 2021 | Comment Closed

Those saying HoR dissolution unconstitutional are anti-constitution: PM Oli

nepalnewsgazette.com ― January 24, 2021 | Comment Closed

Nine more Nepalis die from Covid-19 abroad

nepalnewsgazette.com ― January 24, 2021 | Comment Closed

Country will move ahead towards prosperity along with fresh mandate: Minister Gurung

nepalnewsgazette.com ― January 24, 2021 | Comment Closed

Risk of pushing the country towards confrontation increases: Chair Thapa

nepalnewsgazette.com ― January 24, 2021 | Comment Closed

NHRC urges govt. to find solution thru discussion

nepalnewsgazette.com ― January 24, 2021 | Comment Closed

Trust from people returned to the people: Minister Gyawali

Advertisement

Search News

Categories

Monthly Archive

Calendar

January 2021
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Dec    

Key Issues

Basnet selected coordinator of Press Organization

― January 21, 2021

Cadres’ supporters’ role impt. in party: CM Pokharel

― January 21, 2021

House of Representatives was dissolved as situation of horse trading emerged: PM Oli

― January 21, 2021

President expresses confidence Nepal-US ties will be deepened during Biden’s tenure

― January 21, 2021

Human Rights

Call to protect the life of Ganga Maya

― January 21, 2021

HoR dissolution-Hearing Continues

― January 21, 2021

NHRC urges for immediate payment to sugarcane farmers

― January 20, 2021

Seven involved in timber smuggling busted

― January 18, 2021

An adolescent girl dies of HIV infection

― January 18, 2021

Advertisement

As this website is one of the renowned online
news websites of the country, it has the status to determine the path to follow for both local and regional news industries.

Follow Us


Browse By Pages

  • Home
  • About Us
  • Contact Us
  • Submit News
  • Sitemap

Categories

  • General
  • Trading
  • Science & Technology
  • Fashion
  • Health & Safety
  • Games
  • Key Issues
  • Legal & Judicial
  • Home
  • About Us
  • Contact Us
  • Submit News
  • Sitemap
© Copyright 2021. All Rights Reserved. Nepal News Gazette