Listeners:
Top listeners:
Revolution Radio Your home for the best variety of Christian music
Heartland Newsfeed Radio Network Heartland Newsfeed Radio Network
Heartland Newsfeed Radio Network (Abovecast Backup) Heartland Newsfeed Radio Network
Home For The Holidays Radio
Big Sports Radio (Weekend of August 16, 2024) LMBC Sports, LLC
PARIS/TEHRAN (UPI) — French automaker Renault announced a joint venture with Iranian authorities on Monday, despite U.S. efforts to isolate Iran economically.
The $779 million deal between Renault, Iran’s state-run Industrial Development and Renovation Organization and privately-held Parto Negin Naseh, calls for up to 300,000 cars per year to be built at a factory in Saveh beginning in about 18 months.
Monday’s agreement calls for 30 percent of Renaults manufactured in Iran to be exported. The first phase of the deal calls for 150,000 vehicles.
The pact comes after PSA Group, maker of Peugeot and Citroen vehicles and Renault’s French rival, began discussions to build cars for the Iranian market. It also followed the easing of trade restrictions against Iran after an agreement limiting Tehran’s nuclear program.
The Trump administration has shown antagonism toward the nuclear deal, which could potentially put the landmark 2015 agreement at risk.
The United States retaliated against an Iranian space launch in June with sanctions against six Iranian companies. Despite trade restrictions, Renault has had a manufacturing presence in Iran since 2004.
“We are happy to sign one of Renault’s most historical contracts here,” said Renault representative Thierry Bollore at the signing ceremony Monday in Tehran. “Within Renault, Iran is known for its great industrial potential, its automotive industry infrastructure, strong human resources and unique geopolitical position. Renault has proved its commitment with a nonstop presence in Iran since the beginning of its operation in 2004, and this signing confirms our strong intent and commitment for long-term operations as a strategic partner of Iran’s automotive industry.”
Written by UPI Writer Ed Adamczyk
United Press International is an international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines and radio and television stations for most of the 20th century.
Subscribe to get the latest posts sent to your email.
Written by: United Press International
£300000 cars deal Iran Renault signs year
Daily deadlines
News and sports submissions: 11 p.m. Central
Advertising, legals, obituaries: 5 p.m. Central
Monday-Friday deadlines
Other business inquiries: 5 p.m. Central
Publication times
Late breaking news as it happens
Normal publication: 11 p.m. Central daily
Other news: Published as it’s made available
Some rights reserved 2017-2024 by Heartland Newsfeed, a Heartland Media Group of Central Illinois and Eastern Missouri media property. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. Pro Radio theme designed and developed by Qantum Themes S.L.U.
Post comments (0)