A Russian EUR 1.2 billion loan to Iran

A Russian EUR 1.2 billion loan to Iran

Iran’s energy minister announced the signing of a Russian loan agreement worth 1.2 billion euro; to finance the construction of the Hormuzkan power plant in southern Iran.

Minister Redha Ardkanaan explained that, on the background of delays in the operational procedures of the loan, an extension was concluded between the Ministry of Economy and Finance of Iran and the Russian Finance Ministry.

The minister expected, after the conclusion of the protocol, to start processing workshop for the construction of the 1400 MW Serik power plant within the next two months.

Also he pointed out that there are other projects in Iran that will be funded through a Russian loan, including the electrification of the railway line “Aingh Brun – Krmesar” which requires similar measures. Besides, there is cooperation in two projects with Russia, one for the development of a hydroelectric plant and the second for a thermoelectric plant, and the projects are under negotiation. A commercial contract was concluded in this regard worth 650 to 700 million euros.

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Aasem Abuzeid

Aasem Abuzeid is the Director for MENA Region. Aasem acts as a leading marketer in the Arabic speaking countries. He is also the administrator and developer of NBN.Media.