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Iran needs backers to expand car industry
Calcutta News.Net
Sunday 15th July, 2007 (BigNewsNetwork.com)
Iran’s well-known car firm, Khodro, wants global partners for help in financing.
The Middle East's biggest carmaker is currently vulnerable to UN sanctions, which have already driven up financing costs,
Manouchehr Manteghi, chief executive and president of the part state-owned firm, says he wantsto meet a government deadline to stop making cars that run only on gasoline.
Some gasoline cars will be sent for export while others coming off the production line will be powered by compressed natural gas.
Iran, ranked as the world's 16th biggest car producer in 2006, began rationing gasoline in June.
Although Iran is a big crude exporter, it cannot refine enough oil to meet gasoline demand, so it has to import 40 per cent of its fuel needs.
Iran Khodro already has partnerships with global carmakers, such as a joint venture with France's Renault to make the no-frills Logan, sold in Iran as the Tondar-90.
It also makes vehicle models such as Peugeot's 206 and 405 and Suzuki Motor Corp's Grand Vitara.
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