A state-owned conglomerate has won China's biggest foreign engineering contract to date, signing a US$836 million deal to build a subway in Tehran, according to a newspaper report Monday.
The deal for China Northern Industries Corp. comes amid a
massive foreign expansion by Chinese companies, which until
recently focused on export-oriented manufacturing at home.
The Tehran subway project calls for the Chinese company,
also known as Norinco, to build a 19-kilometer subway line with an Iranian partner, according to the China Daily's website.
The project is to be financed by Chinese government banks,
the report added. (menareport.com)
© 2004 Mena Report (www.menareport.com)
