(MENAFN) A US company has signed a preliminary agreement to invest USD1.175 billion in Iran, in a rare joint commercial project to turn rubbish and human waste into electricity, Arab News reported.
California-based World Eco Energy said it plans to produce 250 megawatts daily by burning trash and by processing algae and salt and waste water into power.
A company spokesman said the project, in the southwestern province of Chaharmahal-Bakhtiari, would create 600-700 jobs, 80 percent of which would go to locals.
It is scheduled to start in September 2014 and is an early indication of the foreign business that may flow back to Iran if the US, European and UN sanctions are lifted.
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