Russia, Iran sign contract for construction of Hormozgan plant’s four power units

Business Materials 29 July 2016 14:08 (UTC +04:00)

Baku, Azerbaijan, July 29


The Russian Tekhnopromexport company and Iran's holding company for electricity generation in the steam thermal power plants signed a contract for the construction of four power units of the Hormozgan thermal power plant with a capacity of 350 MW each upon turnkey, TASS agency reported July 29.

“Russia and Iran also agreed to continue cooperation in the banking sphere,” Russian Energy Minister Alexander Novak said following the talks with Mahmoud Vaezi, Iran’s minister of communication and information technology, co-chairman of the intergovernmental Russian-Iranian commission.

“The decision on establishing a free trade zone with Iran may be made till late 2016,” Novak told reporters.

"We discussed the issue of establishing a free trade zone and stressed the progress,” Novak said. “We expect a joint research group to finish work and present an action plan for the preparation of the agreement by the end of the year."

“Russia and Iran have agreed to establish a five-year strategic program,” Vaezi told reporters.

"We agreed to establish a strategic program for five years as part of the intergovernmental commission," he said.