Russia, Iran Sign €1.2bn Loan Deal for Mega Power Plant
TEHRAN (Dispatches) -Iran and Russia have signed final documents of a deal which allows Moscow to grant a €1.2-billion loan to Tehran for construction of a major power plant south of Iran.
Iran’s Minister of Energy Reza Ardakanian said that Iran was now able to access the loan for construction activities to start at Sirik Power Plant after Iranian and Russian authorities signed final documents related to the loan deal.
"Due to prolonged operational formalities, the deal ... needed an appendix for extending its length,” said Ardakanian, adding that representatives from ministries of finance of Iran and Russia signed the appendix earlier in the day in Tehran to finalize the loan.
The minister said construction activities for the major power plant, which is located on the Persian Gulf coast facing the Strait of Hormuz, would begin in two months time.
The announcement comes less than a month after Ardakanian travelled to Moscow to discuss energy issues with Russian authorities.
He had said during the trip that the long-anticipated Russian loan for Sirik, a 1,400 megawatt power plant that is estimated to cost €1.4 billion, would be paid soon.
Iran’s Minister of Energy Reza Ardakanian said that Iran was now able to access the loan for construction activities to start at Sirik Power Plant after Iranian and Russian authorities signed final documents related to the loan deal.
"Due to prolonged operational formalities, the deal ... needed an appendix for extending its length,” said Ardakanian, adding that representatives from ministries of finance of Iran and Russia signed the appendix earlier in the day in Tehran to finalize the loan.
The minister said construction activities for the major power plant, which is located on the Persian Gulf coast facing the Strait of Hormuz, would begin in two months time.
The announcement comes less than a month after Ardakanian travelled to Moscow to discuss energy issues with Russian authorities.
He had said during the trip that the long-anticipated Russian loan for Sirik, a 1,400 megawatt power plant that is estimated to cost €1.4 billion, would be paid soon.