Iran's Sirik Power Plant projects to receive letter of credit

Oil&Gas Materials 2 September 2021 13:11 (UTC +04:00)
Iran's Sirik Power Plant projects to receive letter of credit

TEHRAN, Iran, Sep.2


Letter of credit (LC) is to be provided for construction of Sirik Power Plant project in southern Hormozgan Province soon, said the project operator in Thermal Power Plants Holding Company, Trend reports citing the company's website.

Industry and Mine Bank and an agent bank from Russia pursued the issue to activate a letter of credit that would operate in the coming days after the contractor provides a guarantee to agent banks, Behnam Khaefinejad has indicated.

"Excavation operations are currently ongoing with a capacity of 10,000 cubic meters per day alongside additional geotechnical studies including drilling of 273 boreholes at the project site and contractors would soon start the implementation of the project in first and second phases," he explained.

The official noted that according to schedule the first part of equipment for this power plant will arrive by the end of 2022 and the implementation activities would start in the next two months by finalizing the design of a 20-kilowatt power transmission line to the workshop power plant.

In August 2016, Iran had signed a memorandum of understanding (MOU) with Russia for implementing a 1,400-megawatt power plant project in Iran’s southern Hormozgan Province. Based on the signed agreement, the Russian Company Technopromexport pledged to invest up to 1.2 billion euros in the project of the Sirik power plant. The construction of the mentioned thermal power plant started in February 2017 however, it came to a halt due to some administrative and funding problems.