Siemens in deal to upgrade Iran’s railway infrastructure

Siemens has signed an MoU with the Islamic Republic of Iran Railways company to upgrade the country’s railway network, including the electrification of the line between Tehran and Mashhad,  the construction of  the Tehran-Isfahan high-speed railway and the supply and  maintenance of 500 passenger cars.
The agreement will only come into force once all international sanctions have been lifted, its spokesman Yashar Azad stressed this week, although Siemens has never really stopped dealing with Tehran; in 2010, for instance, the German industrial conglomerate recorded almost $1bn in revenue from trade with Iran, but insisted that it all  related to existing long-term contracts and was concentrated in industries not covered by the sanctions.

Source: TREND