(MENAFN) Peugeot, the Paris-based multinational manufacturer of automobiles and motorcycles, plans to pay compensation for its removal from the Iranian market during the sanctions.
In 2012 the global sanctions placed on the Middle Eastern nation were extended to include the automobile sector which has interfered with a more than half a century long relationship between Iran and Peugeot.
A total of USD446 million will be used to create an efficient and low cost industrial location for producing specific models of Peugeot vehicles equipped with the most recent engines and technologies.
Furthermore, the giant automaker remained silent when questioned for details regarding the contract, however the deal that has been signed is forecasted to benefit both sides in the long run.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.