Rare commercial project: Turning rubbish, human waste into electricity

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TEHRAN: 

A US company has signed a preliminary agreement to invest $1.175 billion (€864 million) in Iran, in a rare joint commercial project to turn rubbish and human waste into electricity.

California-based World Eco Energy told AFP it plans to produce 250 megawatts daily by burning trash and by processing algae and salt and waste water into power.

Iran will match the US investment, the company said.

A company spokesperson said the project, in the southwestern province of Chaharmahal-Bakhtiari, would create 600-700 jobs, 80% 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 United States, European and UN sanctions are lifted.

Iran is in its final phase of negotiating with the world powers about a conclusive deal to resolve international concern about its nuclear programme.

Despite the uncertainty that clouds Iran’s economy, still shut out of the international financial system because of an embargo on banks and the energy sector, a more positive outlook is starting to prevail.