TEHRAN – The managing director of Islamic Republic of Iran Railways Company announced on Monday that 25 percent (90 million euros) of the repayment of the $450-million deal with Siemens AG was paid.

Talking to MNA, Hassan Ziari said in 2006 Iran has signed a 450-million-dollar deal with German electronic giant Siemens to build 150 locomotives.
The German side vowed to deliver the first train to Iran’s fleet within next 30 months, added that official.
As part of Iran's 10-year railway plan, some 600 locomotives, 200 passenger and 2,000 cargo wagons are required to meet the country's needs, he noted.
Siemens AG is Europe's largest engineering conglomerate. Siemens' international headquarters are located in Berlin and Munich, Germany. The company is a conglomerate of six major business divisions, Automation and Control, Power, Transportation, Medical, Information and Communication, and Lighting.
Beginning from November 28, 2007, Siemens reorganizes its operations in three Sectors Industry, Energy and Healthcare with a total of 15 Divisions.