Russia to grant Iran $2.5 bn loans for energy projects

Aug 05, 2016 12:00 AM

Russia plans to allocate two loans worth $2.5 billion to Tehran to help Iran in conducting energy-related projects, Russian President Vladimir Putin said Friday.


Russia plans to allocate two loans worth $2.5 billion to Tehran to help Iran construct the thermal power plant and supply electric power to railway system, Russian President Vladimir Putin said Friday.

"For instance, Russia intends to grant two state loans to Iran to the amount of €2.2 billion [$2.5 billion] to finance the construction of a thermal power plant near the city of Bandar Abbas on the Persian Gulf coast and the electrification of the Garmsar–Ince Burun railway section in the north-east of the country," Putin told AZERTAC news agency, ahead of his trip to Azerbaijan where he will participate in the meeting with Azerbaijani and Iranian leaders.

Putin added that the loans will be granted as large-scale joint projects in the oil and gas sphere, and the aerospace and electric power industries are being developed between the two countries.

On Tuesday, Kremlin announced that Russian President is scheduled to visit Azerbaijan on August 8 to discuss regional issues as well as energy and transport cooperation with Azeri and Iranian leaders.

Putin, Azerbaijani President Ilham Aliyev and Iranian President Hassan Rouhani are expected to discuss the pressing issues of international and regional policy, and the prospects for practical energy and transport cooperation.


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