Iran's contract on electricity export to Iraq expands
Tehran, Iran, Feb.9
Iranian Minister of Energy Reza Ardakanian and Iraqi minister of electricity Louay Al Khateeb signed a memorandum of understanding on the expansion of cooperation between the two countries in the field of production, export and transfer of technology for the electricity industry.
Also, at the meeting, Iran's Tavanir Company signed a contract with Iraqi company on export of electricity to Iraq, Trend reports citing IRNA.
An official contract for the export of electricity between Iran and Iraq was signed in 2005 with a capacity of 150 megawatts, which was renewed each year.
According to the latest agreement between the two sides, Iran exports 1,200 megawatts of electricity annually to Iraq through three transit routes in Basra, Diyala and Amara.
In order to receive electricity export money, the governor of the central bank of Iran, Abdul Nasser Hemmati, signed a memorandum of understanding with the Iraqi finance minister, according to which the new payment mechanism between the two countries was set to accelerate the debt payments.