Russia issues guarantee on €1.2bn loan for Iranian power plant: Minister
Iran’s Energy Minister Reza Ardakanian says the Russian government has issued a guarantee for a €1.2 billion loan that will be used by Iran to fund the construction of a major power plant south of the country.
Ardakanian said on Sunday that his ministry had obtained the loan guarantee from Moscow earlier in the day.
He said Iran will now accelerate bureaucratic procedures needed to start off the project in Sirik just outside the Persian Gulf on the Sea of Oman.
“It is expected that the executive works of the project starts as soon as the administrative formalities (of the loan) are cleared on the Iranian side,” the minister was quoted by semi-official Fars news agency.
Russia’s Power Machines has been contracted by Moscow to use Russian funds to build the 1.4 gigawatt thermal power plant in Sirik.
Local companies will also contribute to the project which will also benefit from around 200 million euros in Iranian finances.
The project is considered a key step toward stabilizing electricity network in normally underprivileged regions in south and southeast Iran.
Russia has agreed to guarantee other loans that will be provided by Russian lenders to enable Iran to build out its infrastructure using both Russian an Iranian companies.
Iran and Russia made initial agreements on Sirik power plant in 2016 but execution of the project had stalled mainly over financial and administrative issues.
Talks to start the project accelerated in 2018 under Ardakanian and after the United States withdrew from an international deal on Iran’s nuclear activity and imposed a series of harsh economic sanctions on the country.
Pakistan determined to complete Iran gas pipeline project
Iran discovers giant shale oil reserves in several regions
Iran renews gas export contract with Iraq: Oil Ministry
President Raeisi: Iran to make Israel rue 'slightest attack'
US, UK imposes new sanctions on Iran over retaliation against Israel
Storm aftermath exposes chaos in Dubai after UAE hit by record rains
VIDEO | Israel’s humiliation
Russia: New US aid for Ukraine fails to change military situation
China slams Biden over 'xenophobic' and 'cheating' claims
VIDEO | Erdogan breaks silence, backs Iran’s reprisal attack on Israel
IRGC warns of 'tit-for-tat' retaliation if Israel attacks Iran's nuclear facilities
This makes it easy to access the Press TV website
