Iran's gov't budget not enough to complete country's water, electricity projects

Business Materials 18 November 2014 10:52 (UTC +04:00)

Baku, Azerbaijan, Nov.18

By Fatih Karimov - Trend:

More than $70 billion worth of water and electricity projects are being implemented in Iran, Iranian Energy Minister Hamid Chitchian said.

Chitchian said the government's budget is not sufficient to carry out the projects, so, the private sector and foreign investors should also participate, Iran's Tasnim news agency reported on November 18.

The government supports domestic companies to launch joint ventures with foreign partners in this sector, he added.

Iran is currently implementing technical and engineering projects in 17 countries.

Iran's deputy energy minister Esmaeil Mahsouli said 30 Iranian companies are implementing 88 projects, valued at $4.357 billion, in 17 countries, Iran's Mehr news agency reported on October 26.

He added that Iran has reached a 95-percent self-sufficiency in building dams and power plants.

"Currently, 46 Iranian companies are carrying out water and electricity projects in 41 countries," he said. "To date, 32 Iranian companies have completed 229 projects, worth $1.567 billion, in 27 countries."

Iran exported over $490 million worth of technical and engineering services in spring 2014, a 40 percent rise compared to spring 2013, Sohrab Salimi, an official with the Trade Promotion Organization of Iran (TPOI) said in July.

Iran's annual technical and engineering exports are projected to hit $7.6 billion in the current Iranian calendar year, which began on March 21, he added.