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Renault seeks partner to resume Iran business

Istanbul, June 19, 2014

French automaker Renault is looking for a financial partner to resume full operations in Iran and is in talks with the US and French governments on the issue, one of its senior executives said.

Renault is keen to resume Iranian vehicle assembly and sales with local partners Iran Khodro and Pars Khodro, to rebuild the significant market position it enjoyed before international sanctions on Tehran were introduced in 2011.

"What we are looking for is a financial partner, who will on their own as well comply with all the international regulations and which enable us to resume our activities in Iran," Chief Performance Officer Jerome Stoll said in an interview with news agencies late on Wednesday.

"We are just trying to explain our position to the American administration, French administration as well. To explain what we want to do, how we want to proceed and how we want to make this business," he said.

He added that the company had been approached by Turkish banks and international banks.

Renault said in January it had resumed shipments to Iran and expected its car production in the country to pick up progressively throughout the first half of 2014.

At the time the company said a temporary easing of sanctions had begun to allow a "very low" volume of parts shipments for vehicle assembly in Iran.

Production by Iran's domestic car industry, unusually developed for the Middle East, peaked at 1.6 million cars in 2011, the year crippling new sanctions were introduced. – Reuters




Tags: Renault | Iran |

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