BREAKING NEWS

State TV: Iran, China to sign $4 billion metro contract

By REUTERS

JULY 19, 2011 16:45

Iran will sign a $4 billion contract with China for development of an underground transport system in Iran, Iranian state television quoted an official as saying on Tuesday.

"The $4 billion financing contract will be signed with China tonight," said Mohammad Royanian, head of Iran's Transport and Fuel Management Office.

He gave no other details.

China, the second biggest importer of Iranian oil after Japan, has long been involved in infrastructure projects in Iran where economic sanctions have hampered investment by Western companies.

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