Iran’s energy ministry needs over $48 billion to implement development projects
Baku, Azerbaijan, Aug.15
By Fatih Karimov - Trend: Iran's energy ministry needs over $48 billion to complete semi-finished development projects.
Iranian energy minister Hamid Chitchian said $48 billion is needed to complete 850 projects that are underway, Iran's IRNA news agency reported on Aug. 15.
The U.S. exchange rate in Iran is currently about 31,000 rials.
Iranian deputy energy minister Alireza Daemi said on August 3 that the Energy Ministry owes $3.7 billion to contractors.
The ministry owes 35 trillion rials (about $1.1 billion) in the water sector and 80 trillion rials (about $2.6 billion) in the power sector, Iran's Mehr news agency reported.
He added that the ministry has sold 10 trillion rials in bonds to contractors to compensate for the debt.
On July 1, Iranian Deputy Energy Minister Esmaeil Mahsouli said Iran is currently implementing 70 water and power projects, valued at $3.8 billion, in other countries.
The country has already terminated 224 projects, worth $1.508 billion, outside the country and is negotiating to carry out another 39 projects, valued at $2.3 billion in other countries, the Mehr News Agency quoted Mahsouli as saying.
Iran exported technical-engineering services to 40 countries despite all the barriers caused by Western sanctions imposed against the country over its nuclear program, the official added.