Iran, Russia Sign Draft Deals for Opening $2.2 bln Credit Line: Envoy

TEHRAN (Tasnim) – Tehran and Moscow inked two draft deals aimed at opening a credit line for Russia’s financing of two projects worth $2.2 billion in Iran, Iranian Ambassador to Russia Mehdi Sanaei said Wednesday.

Iran, Russia Sign Draft Deals for Opening $2.2 bln Credit Line: Envoy

"Documents for financing two contracts on construction of thermal stations and a railroad worth $2.2 bln have been initiated," Sanaei said, the Tass news agency reported.

The credit line will be allocated to the construction of Iran’s Garmsar-Incheh Borun railroad project, and the thermal power plant of Bandar Abbas.

The deals were signed in Moscow by Iranian Deputy Economy Minister Mohammad Khazaee and Russia’s Deputy Finance Minister Sergey Storchak.

Khazaei, who arrived in Russia on Saturday, is heading a delegation including legal, power, and railroad officials.

Elsewhere in his remarks, Sanaei said Iran plans to start the construction of the Bushehr-2 nuclear power plant in March, adding, "Iran is open for foreign investments but Russia has a priority in the Iranian market, in particular, regarding the Russian experience in the construction of the Bushehr NPP."

"The construction is set to begin in March," he added.

The ambassador further said that Iran is ready to sign an agreement on export tariffs with the Eurasian Economic Union (EAEU) as soon as possible.

"We plan to sign an agreement on export tariff reduction with the EAEU in the nearest future," Sanaei said.

In August 2015, Iranian Vice-President for Science and Technology Affairs Sorena Sattari said Tehran plans to launch credit lines in Russia in a bid to boost its commercial cooperation with Moscow.

"At first, the main thing is to sort out the interaction of the banking systems and open credit lines. This would create the necessary basis for the development of trade-economic cooperation between our countries," Sattari said at the time.

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