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Turkey, Belgium to finance Iran's power plant projects: official

Xinhua, May 16, 2016 Adjust font size:

A consortium of Turkish and Belgian companies will finance the construction of power plant projects in Iran, Financial Tribune daily reported on Monday.

The projects, which are worth some 3 billion U.S. dollars, will mark the first major foreign investment deal in the power industry after the removal of western and international sanctions against Iran, the report said.

Foreign companies are present in Iran's large water and power sectors, and they are required to cooperate with Iranian private companies and undertake technology transfer and finance, Iran's Energy Minister Hamid Chitchian was quoted as saying.

Iran needs to increase its power generation capacity by 50,000 MW in the next 10 years, the minister said, adding that 26,500 MW is needed in the next five years.

"Plans have been made to set up power plants with a capacity of 2,000 MW in the current Iranian calendar year" ending on March 20, he said. Endit