Iran, Armenia sign €107M electricity contract
Tehran, Iran, Aug. 3
By Mehdi Sepahvand -- Trend:
Iran and Armenia have signed a contract worth €107 million to barter electricity.
The contract was signed in a meeting between Armenian Prime Minister Hovik Abrahamyan and Minister of Energy and Natural Resources Yervand Zakharyan on one side, and Homayoon Haeri, director of Iran-Armenia joint economic cooperation committee, IRNA news agency reported August 3.
Accordingly, the Iranian Bank Saderat will be responsible for 85 percent of the funds needed for the project and the remaining 15 percent will be provided by the Iranian electricity company Sanir, which is one side of the contract.
Once the project turns operational, Iran-Armenia electricity trade will increase from 350 megawatts to 1,000 megawatts.
The Iranian company will provide the equipment and facilities within 24 months.
According to the Iranian Energy Ministry's weekly report, Iran's electricity output reached about 104 billion kWh in first four months and two days (126 days) of current fiscal year, while this figure was 101.5 billion kWh in the same period of last year (March 21 to July 24).
On the other hand, during this period, the country's power production capacity increased by 373 MW (two 160-MW hydropower plants + 53-MW gas power plant).
Iran's electricity export fell by 17 percent to 3.336 billion kWh, while imports rose by 17 percent to 1.503 billion kWh in last four months.
Edited by CN