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EghtesadOnline: Iran and Russia have signed a contract to build a thermal power plant with the capacity of 1,400 megawatts.

Speaking in the signing ceremony of the contract held in Niroo Research Institute, Minister of Energy Hamid Chitchian said the contract worth $1.6b was inked between a Russian firm and Iran's Thermal Power Plants Holding Company. 

He added that the power plant will be constructed in four 350-megawatt units in an area between Minab and Jask cities in Hormuzgan province, IRNA reported.

Russian Minister of Energy Alexander Novak said that the project will be financed by Russian Federation credit line. 

Addressing the 13th Iran-Russia Joint Economic Commission which started work on December 11, Novak said the volume of trade ties between the two countries had 80% rise compared with the previous year. 

According to the Islamic Republic of Iran Customs Administration (IRICA), the value of 
Iran's exports to Russia was $86,495,517 in the first 7 months of the current Iranian calendar year (started on March 20).

Iran-Russia cooperation Power Plant