The biggest technical-engineering project in the history of Iran-Iraq cooperation is reaching its implementation phase, Aliabadi said in a Monday press conference.
Based on the contract, he explained, Iran will build Rumaila plant in the Iraqi port of Basra with a $2.5 billion investment by the Baghdad-based Shamara Holding Company.
The contract, which is of Engineering, Procurement and Construction (EPC) type, was signed after more than one and a half years of tough negotiations with Iraq's ministry of power and Shamara, Aliabadi added.
He further noted that the plant, once completed, will increase the Arab country's electricity production capacity by 20 percent.
For the first time in its history of power industry, Baghdad has issued a government bond for this project, MAPNA chief went on to say.
The first gas phase of Rumaila plant is due to start its operation in 16 months.
MAPNA Group is a group of Iranian companies involved in construction and installation of energy production machinery, including boilers, gas and steam turbines and electrical generators.