The Moscow-controlled All-Russian Research and Project-Construction Institute of Metallurgy Mechanical Engineering has offered to build a factory for Iran worth $400-500 million to manufacture up to 600,000 tons of railway parts a year, ITAR-TASS reports.
The Isfahan Metallurgy Works may become the first railway manufacturer in the Middle East in August 2015. Iran needs about 150,000 tons of railway parts a year.
Russian Railways signed a memorandum with Iranian Railways in late August 2014 to speed up realization of railway projects.
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