Iran to JV on tractor factory in Guayana; interest in gold mining

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Thursday, May 29, 2003 By: David Coleman

Venezuelan Guayana Corporation (CVG) executives are expecting to reach additional joint venture agreements with the Iranians after signing a deal with the Iran Tractor Manufacturing Corporation to set up a Fabrica Nacional de Tractores (Fanatracto) production plant in Ciudad Bolivar

The Memorandum of Understanding between the CVG and the Islamic Republic of Iran was signed in Tabriz, north of Teheran, by CVG president, Major General (ret.) Francisco Rangel Gomez as part of his business trip to the Middle East which ends this weekend.

"Iran Tractors have given attention to our particular interest in establishing a plant in Venezuela with their international experience in tractor building ... in Tabriz, we were able to see complete tractor production lines for all sorts of tractors and spare parts ... we have agreed that a technical Iranian team will supervise Fanatracto installations to see if they fulfill business requirements or if should we seek out another location in Venezuela."

Rangel Gomez had earlier met Iran's Minster of Industry & Mines, Eshaq Jahanguiri, to discuss parallel growth policies in Iran and Venezuela. The CVG president said the Iranians are willing to participate in a variety of projects with the CVG with their main emphasis on the exploitation and production of gold, alumina production and coal. Meanwhile, he says, the CVG's goal is to form a strategic association with mutual exchange of technical assistance and technology, specifically at CVG Venalum.