Baku, Azerbaijan, May 3
By Fatih Karimov - Trend:
Iran's Power Generation, Distribution and Transmission Company (Tavanir) and South Korea's electricity giant Electric Power Corporation (KEPCO) signed a document worth $10 billion for boosting cooperation in energy sector.
Under the deal, the South Korean firm will cooperate with Iran in projects for reducing electricity waste and increasing efficiency of power plants, construction of new power plants and electricity transmission lines, the Mehr news agency reported May 3.
A power transmission grid will also be constructed in Iran under the deal.
Also the South Korean technology will be used to install the latest generation of smart electricity meters in Iran's power grid.
The move came as part of the South Korean President Park Geun-hye's ongoing visit to Tehran for the expansion of bilateral ties.
Geun-hye arrived in Tehran with a big business delegation on May 1. During the three-day official visit, the two countries have discussed several cooperation deals worth billions of dollars.
Iran's Deputy Energy Minister Houshang Falahatian, on the sidelines of the signing the KEPCO-Tavanir deal, said South Korea can become a reliable partner for Iran in energy sector in the post-sanctions era.
He added that Iranian firms have started negotiations with South Korean companies for cooperation in the technology transfer and training, as well as in investments.