Press TV - Saudi Arabia has signed a half billion-euro deal with Iran to build a power plant in the country's northwestern province, East Azarbaijan.
The "Saudi-based Zenel Company, which has long been interested in building the 1,200-megawat combined cycle power plant, has finally struck the deal with Iran's Power Generation, Transmission and Distribution Company," Iran's Deputy Energy Minister Mohammad Ahmadian announced Monday.
The 500 million-euro contract reached under the Build-Operate-Transfer (BOT) agreement would enable the Saudi company to sell electricity generated by the power plant to Iran, once constructed, he explained.
Construction works of the plant are expected to begin in the new Iranian year, starting March 2008 and is expected to be completed in two years time, the official concluded.
To meet its rising water and electricity demand, Iran has embarked on extensive dam and power plant projects.
According to the Islamic Republic of Iran Customs Administration (IRICA), 21.25 million tons of products was exported in the period, i.e. an 11.9 percent rise.
Of the figure, $37 million is related to carry-on-luggage exports while $225 million worth of products was exported via border markets.
The country exported 18.98 million tons of products valued at $8.882 billion in the same period of previous Iranian year.
Comparing the figure to that of same time in last Iranian year, the IRICA reported a 65.3 percent rise in revenue of gas condensates exports, putting the volume at $5.094 billion.
Kish Free Zone Organization (KFZO), Organization for Investment, Economic and Technical Assistance of Iran, and Iran Small Industries and Industrial Parks Organization (ISIPO) will sponsor the fair, added Alireza Fotovvat.
The aim behind the exhibition is to introduce domestic projects, plans, products, and investments in the fields of industry and mine, energy, tourism, agriculture, transportation, and communication to the visitors, he added.
The official invited Iranian organizations, companies, and state-run, and private bodies to attend the exhibit.
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