Volvo CE Offers €200m Worth of Mining Machinery

EghtesadOnline: Volvo Construction Equipment has offered to provide Iran with €200 million worth of mining machinery, Iranian Mines and Mining Industries Development and Renovation Organization reported.

News ID: ۷۸۲۷۰۰

26 May 2018

Volvo CE’s Middle East managers pitched the proposal during a meeting with IMIDRO Chairman Mehdi Karbasian in Tehran on Wednesday.

Officials from Swedish National Export Credits Guarantee Board (EKN), who were also present at the meeting, called for guarantees from Iran’s Ministry of Economic Affairs and Finance, Central Bank of Iran or IMIDRO itself to go ahead with the deal in its first phase, which could go beyond the proposed €200 million in subsequent phases.

Volvo CE is one of the world’s largest suppliers of road construction and mining machinery. The company sold $7.6 billion of machinery in 2017 to register a 33% growth year-on-year, owing mostly to increased demand in Europe and Latin America, Financial Tribune reported.