Wednesday, 01 June, 2016

U.S. Company to Invest $1.175 billion in Iran


- In a rare joint commercial project to turn rubbish and human waste into electricity, A US company has signed a preliminary agreement to invest $1.175 billion (864 million euros) in Iran.

- 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.

- The company said that Iran will match the US investment.

- 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.

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