Largest Turkish Cooling Machinery Mfg Co To Establish Branch In Iran

Ankara, March 7, IRNA – A Manager of Turkeyˈs largest freezing system manufacturer, Ugur Cooling and Ice-cream Machinery Group, Urdugan Ulash announced here Wednesday Ugur Groupˈs Iran Branch factory would begin production on June June 22nd, 2013, despite entire imposed sanctions. According to IRNA correspondent in Turkey, the economic news in Turkey media indicate that the mammoth Ugur Group, which is also the largest in its kind in Europe, invested some 50 million US dollars for the establishment of its Iran Branch. According to Ulash, Ugur Cooling and Ice-cream Machinery Groupˈs Iran Branch Factory is constructed at a 40,000 square meter land and its annual production capacity is 300,000 freezes and refrigerators of various types. Pointing out that this is the first investment of Ugur Group outside Turkey, he said, ˈIn near future thou, the Ugur Cooling and Ice-cream Machinery Group would make similar foreign investments in Russia and in Brazil.ˈ Iran and Turkey have very close trade and economic relations. The two countries are part of the Economic Cooperation Organization (ECO). Turkey receives many Iranian tourists each year and economically benefits from Iranian tourism. Bilateral trade between the nations is increasing. In 2005, the trade increased to $4 billion from $1 billion in 2000. Iran’s gas export to Turkey is likely to be increased. At present, the rate is at 50mm cm/d. Turkey imports about 10 billion cubic meters a year of gas from Iran, about 30 percent of its needs. Turkey plans to invest $12 billion in developing phases 22, 23 and 24 of South Pars gas field, a senior Iranian oil official told Shana.ir, the news website of the National Iranian Oil Company (NIOC). Two-way trade is now in the range of $10 billion (2010), and both governments have announced that the figure should reach the $20 billion mark in the not too distant future. 50 percent of the gas from three phases of Iran’s South Pars Gas Field will be re-exported to Europe. Turkey has also won the tender for privatization of Razi Petrochemical Complex valued at $650 million (2008). On tourism, every year one million Iranians visit Turkey and many Turkish citizens visit Iranˈs unique tourism attractions./end