Iran looks to boost its rail sector: Iran’s state-owned Islamic Republic of Iran Railways (RAI) has inked two agreements with a firm named Avan Rail and Iranian food producer Pars Ofogh Hashtgerd Agro-Industry to invest upwards of USD 750 mn to procure new rail locomotives and wagons, Tehran Times reports. Avan Rail will invest USD 713 mn to procure about 600 tank wagons, 300 diesel multiple unit passenger cars, and 50 locomotives, while Pars Ofogh is set to invest USD 37 mn in purchasing 650 bulk freight wagons.

Part of bigger plans: Iran is looking to private firms and foreign financiers to help achieve its targets for its rail sector. The country is targeting boosting the annual transit capacity to 40 mn metric tons, with plans to “attract USD 6.4 bn from the private sector for rail development,” RAI’s Investment and Transport Economy Deputy Nourollah Beiramvand told the new outlet. About 950 locomotives, 300 passenger wagons, and 3k freigh wagons are eyed for this effort, head of RAI Jabbarali Zakeri told the news outlet.

Iran’s been knocking on foreign doors: Iran has been seeking increased cooperation on railways between the Shanghai Cooperation Organization member states, calling for holding a trilateral meeting between Iran, Russia, and Azerbaijan to standardize tariffs in December 2024. Iran’s RAI is currently working on improving international rail links by increasing capacity and facilitating logistics to transport goods between China, Russia, Central Asia, India, Pakistan, and Europe.

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