US company 'signs $1.175 bn Iran bio-energy deal'

Jul 06, 2014
An Afghan migrant worker in Qaleh Sheikh village south of Tehran on May 3, 2007 walks over a mound of waste plastic produced by some of Tehran's almost 8 million population

A US company has signed a preliminary agreement to invest $1.175 billion (864 million euros) 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 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 of negotiating with world powers about a conclusive deal to resolve international concern about its nuclear programme.

A pylon supports a high voltage line near La Redorte southern France on June 20, 2014

Despite the uncertainty that clouds Iran's economy, still shut out of the international financial system because of an embargo on banks and the energy sector, a more positive outlook is starting to prevail.

Explore further: Iran entry finally ready for US solar challenge

add to favorites email to friend print save as pdf

Related Stories

Iran entry finally ready for US solar challenge

Jun 23, 2014

A solar car built by Iranian students has finally arrived in the United States for an international competition after a race against the clock, their spokesman told AFP on Monday.

Iran plans new monkey space launch

Oct 13, 2013

Iran is planning to send another live monkey into space within a month, a top space official said in remarks reported by media Sunday.

Iran tests first domestically made nuclear fuel rod

Jan 01, 2012

Iran said on Sunday that its scientists have "tested the first nuclear fuel rod produced from uranium ore deposits inside the country," the website of the Iranian Atomic Energy Organisation said.

Recommended for you

The state of shale

Dec 19, 2014

University of Pittsburgh researchers have shared their findings from three studies related to shale gas in a recent special issue of the journal Energy Technology, edited by Götz Veser, the Nickolas A. DeCecco Professor of Che ...

Website shines light on renewable energy resources

Dec 18, 2014

A team from the University of Arizona and eight southwestern electric utility companies have built a pioneering web portal that provides insight into renewable energy sources and how they contribute to the ...

Better software cuts computer energy use

Dec 18, 2014

An EU research project is developing tools to help software engineers create energy-efficient code, which could reduce electricity consumption at data centres by up to 50% and improve battery life in smart ...

User comments : 2

Adjust slider to filter visible comments by rank

Display comments: newest first

Scott Rickard
not rated yet Jul 06, 2014
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.
11791
Jul 08, 2014
This comment has been removed by a moderator.
kochevnik
not rated yet Jul 08, 2014
Americans desperately trying to float their imploding petrodollar react with fear to their own shadow. In this case, a California waste reclamation corporation

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.