A US company has signed a preliminary agreement to invest $1.175 billion in Iran, in a rare joint commercial project to turn rubbish and human waste into electricity.
California-based World Eco Energy told AFP it plans to produce 250 megawatts daily by burning trash and by processing algae and salt and waste water into power. Iran will match the US investment, the company said.
A company spokesman said the project, in the southwestern province of Chaharmahal-Bakhtiari, would create 600-700 jobs, 80 percent of which would go to locals.
It is scheduled to start in September 2014 and is an early indication of the foreign business that may flow back to Iran if US, European and UN sanctions are lifted.
Iran is in the final phase of negotiating with world powers about a conclusive deal to resolve international concern about its nuclear programme.
Despite the uncertainty that clouds Iran’s economy, still shut out of the international financial system because of an embargo on banks.
Published in The Express Tribune, July 6th, 2014.
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This is a very expensive investment as I calculated it will take about 48 years for the US company to get back what it has invested!!!! Why are they doing this?
What the proper image that you used for this human agreement and good news
This "American" company is very new out of California, and it looks to be affiliated with the extremely influential and wealthy Iranian "marketing" professional, Javad Mehrvijeh.
@Mohammad Ghassemi: I agree that Iranians are self respecting and polite people. Hopefully the Iranian regime will find a solution to get over the nuclear sanctions by west and pave the way for the world to do business. India is still not "powerful enough" to take the western hegemony head-on. But with US investing in Iran now, i am sure the Indian investment will double up in no time in Iran.
A good and welcoming change for the economic benefit of Iran and the Western nations that will certainly bring peace and tranquility in the restless region.
It is a very good opportunity for all countries to come to a very safe country for investing and deal with kind polite people to expand their job. Welcome all you to benefit from all capabilities and have a mutual business. I am at your service.