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Announcing this, Deputy Head of NFC Qin Junman said given the recent advances made by China in the mine sector, the company plans to transfer its latest know-how on aluminum smelters to Iran.

The official pointed out that energy consumption will be reduced to its lowest as Iranian smelters employ the technology. "NFC will cooperate with Iranian companies on extraction of gold, copper, lead and zinc in the near future," Junman said.

The company also plans to cooperate in the construction of water desalination plants in central Iran including Kerman Province, added the official.

Pointing to the recent exploratory activities in the country, Junman said Iran has rich mineral resources providing plenty of opportunities for cooperation in mineral development.

Founded in 1983, NFC is involved in nonferrous metal resources development, engineering contracting, equipment manufacturing, and related trading and service both home and abroad.

With its professional teams of design, consulting, engineering and construction, NFC has completed a great number of nonferrous metal exploration projects, mines, concentrators and smelters, equipping itself with related trading and metallurgical machinery manufacturing capabilities.

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During the meeting in Yerevan on Monday, the two sides discussed the involvement of Iranian firms and partnership in construction and road-building projects.

Earlier this month, Iranian Energy Minister Hamid Chitchian said that the private and state sectors of the two countries should contribute to increasing Iran-Armenia trade and joint investment.

Chitchian regretted that bilateral trade is not in pace with the level of political ties and should be upgraded.

The minister called for implementation of the agreements reached earlier between the two sides.

He said Iran's policy is to expand ties neighbors and friendly countries, Armenia in particular.

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Mahmoud Dashtbozorg, director general of Khuzestan Regional Electricity Company elaborated on the agreement with Medio Energy and said, "The cooperation agreement with Medio Energy has been signed in line with development of renewable energy technologies as well as attracting investment."

He added the deal covers the implementation of a 20-MW solar power plant in Shushtar, Khuzestan Province, through direct investment to the tune of $25 million in addition to building and operation of a wind power plant in Bandar Mahshahr with a capacity of 50-megawatts and value of $83.6 million.

The official underlined that the German firm has agreed to provide technical knowledge, experience, a skilled workforce, capital, and technical and economic capabilities as well as necessary equipment for the construction of the power plants.

Dashtbozorg stated that the Iranian side had spared no effort to attract domestic and foreign investors to electricity industry sector of the region with particular attention to the renewable energy sector.

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Omid Fallah pointed out that based on Iran's comprehensive development plan for coal mines, Tabas Coal Mine will receive €772.5 million for equipping the mine and implementing concentrate project as well as €117.2 million for development of coal washing plant.

A sum of €265.2 million will be invested on improving the heat treatment of coal said the official adding that €9.5 million will go for coke processing plant.

By launching the development project in 2020, he said Iran will increase its annual coal concentrate production capacity by 2.35 million tons, while 937,500 tons and 450,000 tons will be added respectively to coal washing capacity and coke production capacity.

The official added that by equipping the heat treatment plant of Tabas Coal Mine and launching new plants, the country's coal extraction capacity will increase by 1.3 million tons.

Once operational, the development projects will create 12,000 direct job opportunities, Fallah concluded.

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Vaezi, as the head of Iran-Turkey Joint Economic Commission, arrived in Istanbul late on Thursday at the head of a high-ranking delegation to review the process of bilateral economic and commercial cooperation with senior Turkish officials.

Officials from the ministries of oil, energy, industry, mine and trade, foreign and roads and urban development as well as Central Bank of Iran are accompanying Vaezi.

Vaezi and Vardan discussed the upcoming conference of Iranian and Turkish businessmen slated for next Tuesday in Istanbul with First Vice President Es'haq Jahangiri and Prime Minister Binali Yıldırım in attendance.

The Iranian minister said his Istanbul visit is aimed at exploring avenues for mutual cooperation between Iranian and Turkish private sectors.

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The agreement, signed on Monday, was reached during a session of the Russian-Iranian Permanent Intergovernmental Commission on Trade and Economic Cooperation.

The thermal power station is going to be built in Bandar Abbas in the southern province of Hormozgan. The railway line that will be electrified connects towns of Garmsar and Incheborun.

Both countries also signed roadmap on trade and industrial cooperation and a memorandum of understanding between Russia's EXIAR and Iranian banks Parsian and Pasargad.

The five-year road map on industrial expansion between Russia and Iran convers more than 70 projects, according to Russia’s Energy Minister Alexander Novak.

"The signing of the road map in the industrial area may be called a breakthrough," he said, adding that it includes "more than 70 particular projects in the area of industry, machine building, high-tech supplies," he said.

Russia and Iran have increased trade turnover by 80 percent in 2016, Novak said.

The amount of financial payments between Russia and Iran has tripled in 2016, according to Novak.

The minister also added that Russia and Iran are exploring the possibility of creating a Russian-Iranian Islamic bank.

Novak also expressed that the agreement on creation of a free trade zone between Iran and the Eurasian Economic Union (EAEU) may be completed on December 26.

"Heads of states plan to take respective decisions at the meeting of the EAEU Supreme Council planned for December 26," he said.

Meanwhile, according to Iranian Minister of Communication Mahmoud Vaezi, Iran hopes to sign the agreement on creation of a free trade zone with the Eurasian Economic Union in 2017. "We hope that in 2017 Iran and the EAEU will sign a free trade zone agreement," he said.

As was reported earlier the free trade zone agreement with Iran will be implemented in several stages. The fact that Iran is not a member of the World Trade Organization (WTO) complicates the issue of creation a free trade zone.

Vaezi also said the total amount of agreements between Russia and Iran in the oil and gas sector may reach $10 billion.

According to the minister, the oil and gas agreements have to be finalized, but it is already clear that they will boost the trade turnover between the countries. "My projection is that we can reach $10 billion," he said.

Russia’s top oil producer Rosneft is interested in the cooperation with Iranian oil companies in projects to develop big oil and gas onshore and offshore fields in Iran with proven resource base, according to the protocol on the intergovernmental Russian-Iranian commission.

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According to a statement by Hormuzgan Ports and Maritime Department, the Belgian delegation, in a meeting with Allah Morad Afifipour, negotiated ways of implementing the sisterhood memorandum of understanding and got acquainted with the latest conditions of Shahid Rajaei port development.

During the meeting, a draft of an operational plan was drawn up to analyze the market and activities of the two ports. The draft covered the current and future operation volume, training and human resources development, education system for managers, investments by the private sector and developing port and maritime activities. It also covered exchanging operational and management experiences, launching smart port and creating administrative and seminar work groups.

The sisterhood MoU between Shahid Rajaei port and Antwerp Port of Belgium was sealed on July 11 at the Ports and Maritime Organization.

Antwerp port, as a gateway to Europe, handles 8.5 million twenty-foot equivalent unit (TEU) and ranks 3rd in Europe and 16th in the world.

Shahid Rajaei port having some 18 gantry cranes and 40 berths is the biggest and the most modern container port in Iran.

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Mohammadreza Nematzadeh further said that the figure is expected to rise to nine million tons by mid-March, 2017.

He noted that that the steel production capacity will amount to 55 million tons by 2025.

Iran's annual production of iron ore concentrates stands at 28 million, said Nematzadeh adding that of this figure, 16 million tons were added in the last 3½ years.

The official said production of iron ore concentrates will increase by four million tons in the coming year.

Iran's capacity for iron ore pelletizing currently stands at 21 million tons and this will increase by eight million tons in the near future, said Nematzadeh.

According to recent statistics released by World Steel Association (WSA), Iran produced 13.21 million tons of crude steel in the first nine months of 2016, showing an eight-percent rise compared to the figure for the same period of 2015, which was 12.231 million tons.

In September, Iran produced 1.59 million tons of crude steel recording a growth of 4.47 percent against the figure for August, which was 1.52 million tons.

Global steel production in September amounted to 132.909 million tons indicating a 0.9-percent decline compared to the output for August which reached 134.126 million tons.

WSA is the international trade body of the iron and steel industry. The association represents approximately 170 steel producers, including 17 of the world's 20 largest steel companies, national and regional steel industry associations and steel research institutes.

Its members account for around 85 percent of world steel production.

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The visit will be a major step towards implementing the decisions taken by the presidents of the two countries to expand bilateral ties.

The delegation is headed by Russia's Minister of Energy Alexander Novak.

The 13th Iran-Russia Joint Economic Commission is also to meet in the Iranian capital during the Russian delegation's visit.

Iran's Minister of Communications and Information Technology Mahmoud Vaezi and the visiting Russian minister are to co-chair the Tehran meeting which is considered as an unprecedented measure towards fostering bilateral relations.

The Russian delegation is scheduled to ink several agreements and hold talks with Iranian officials.

Coincident with the Joint Economic Commission meeting in Tehran, Iran-Russia Energy Commission will hold its first session to review ways to widen bilateral cooperation in that area.

Iran's ambassador to Moscow said Tehran-Moscow cooperation is witnessing a bright future.

According to reports, Iran and Russia have planned to increase economic relations to an annual $4 billion by the end of 2017.

According to the latest figures, economic exchanges between the two countries grew by 80 percent in first half of 2016 compared to the figure for the same period last year.

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President Schneider-Ammann expressed pleasure over his talks and agreements with President Hassan Rouhani at the UN Headquarters in New York and said that the negotiations led to concrete results and economic exchanges increased by twofold.

He also expressed the Swiss government's interest in expediting and continuing the cooperation.

Referring to effective talks between Iran and Switzerland officials in recent months, the Swiss president hoped that during Swiss deputy economy minister's visit to Iran next week, further agreements could be reached between the two countries.

In the meeting, Nahavandian also called for expansion of economic ties by drawing a roadmap which would facilitate planning.

Given the interests of international companies in investing and cooperating in Iran's economy, Nahavandian said that Switzerland, as a major world financial center, can play an important role in supporting investors.

He added that Iranian banks have paved the ground for cooperation with foreign counterparts and are ready for interactions.

The official noted there is hope that in a short period, cooperation between the two countries would expand in view of the interest shown by senior Swiss officials, banks and financial institutions to engage with Iran.

Stable Iranian Economy

Meanwhile on Friday, Nahavandian said in a meeting with International Council of Swedish Industry (NIR) members, that stability and tranquility in Iran's economy have paved the grounds for developing economic interactions and investment.

Various fields of Iran's economy now enjoys a special condition, he said noting that firms, capital owners and world economic activists will have access to better facilities and easier cooperation with Iran. The private sector, he added, has now become more active in economic activities and plays a greater role in the national economy.

He noted that Swedish firms would be able to establish extensive cooperation with Iran's private sector.

International Council of Swedish Industry (NIR) is the biggest economic organization of the country consisting of firms and financial administrations which conduct half of Swedish exports.

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