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Home Economy Economy News Energy minister to visit Moscow for pursuing Russia’s $5b loan to Iran

Energy minister to visit Moscow for pursuing Russia’s $5b loan to Iran

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Energy minister to visit Moscow for pursuing Russia’s $5b loan to Iran

TEHRAN- Iranian Energy Minister Reza Ardakanian said that he will leave Tehran for Moscow on Thursday to follow up the issue of Russia’s allocation of $5 billion of loan for implementation of development projects in Iran.

He made the announcement speaking to the media after a cabinet meeting on Wednesday, IRNA reported.

As previously approved by the Iranian parliament, the government was allowed to receive $5 billion in loans from Russia for development projects.

The news of Russia providing a $5 billion loan to Iran for joint infrastructure projects first came in October 2015 when Russian Energy Minister Alexander Novak traveled to Tehran.

At the time, Novak said Russia and Iran had agreed to $40 billion in projects.

Ardakanian’s trip to Moscow is also aimed at attending the 16th meeting of Iran-Russia Joint Economic Committee and following up the agreements made in the 15th meeting of the committee.

Heading a high-ranking delegation, the energy minister, who is the Iranian chairman of the committee, will discuss the agreements made in different fields of energy, industry, agriculture and banking with his Russian counterpart Alexander Novak, who is the Russian chairman of the committee.

Ardakanian had also meet Novak in Moscow on September 2 to discussed the agreements reached during the 15th meeting of the joint committee which was held in Tehran and Isfahan in mid-June.

Construction of a 1,400-megawatt thermal power plant in Hormozgan province in southern Iran by Russian government’s funding, and the project for electrification of the 495-km Garmsar-Inche Boroun railway that links the city of Garmsar, in north of the Iranian capital Tehran, with the Iranian city of Inche-Boroun, on the border with Turkmenistan, were among the joint projects that were discussed during the meeting.

In the meeting, Novak expressed satisfaction with the completion of Iran's internal legal processes for joining the Eurasian Economic Union.

He further called for the implementation of the Iran-Russia-Kazakhstan trilateral agreement for the temporary transit and swap of wheat through Iran.

Ardakanian for his part pledged that the agreement would be followed-up by the Iranian side.

Iran and Russia signed eight memorandums of understanding (MOUs) in the 15th Iran-Russia Joint Economic Committee meeting which was wrapped up on June 17 in Isfahan.

 

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