NORINCO to build metro in Iran

China North Industries (NORINCO) won a US$836 million bid to build a 19-kilometer metro line in Tehran, Iran with Tehran Urban & Suburban Co, according to Chinese media reports. State trade conglomerate NORINCO beat out Siemens, Daewoo, LG and other international and Iran-based firms for the bid. NORINCO and Tehran Urban & Suburban formed a US$12 million joint venture to manufacture train cars for the project of which NORINCO holds a 49% stake. The Chinese conglomerate will export US$527 million worth of machinery and electronics to Iran for use in the project, the firm's second metro project in Iran.