Iranian holding company MAPNA Group signed an agreement with the Syrian government to construct a combined-cycle power plant with a capacity to produce 540 megawatts (MW) of electricity in the Arab country’s western province of Latakia.
The agreements was signed during a meeting between Iranian Energy Minister Reza Ardakanian and Syrian Electricity Minister Mohammad Zuhair Kharboutli.
The project is worth 411 million euros and the MAPNA plans to start the construction in early next year.
Back in May, Syrian Prime Minister Imad Khamis said Damascus is ready to facilitate the Iranian participation in the reconstruction process of the war-hit country.
Syria has been gripped by civil war since March 2011 with various terrorist groups, including Daesh (also known as ISIS or ISIL), fighting against its central government.
In the meantime, Iran has remained a close ally of Syria and supported its legitimate government in the face of foreign-backed militancy.
Iran’s Ambassador to Iraq Iraj Masjedi and Iraqi Electricity Minister Luay al-Khateeb held talks on a range of issues, including ways to boost bilateral relations between the two neighboring countries in various areas.
Tehran Stock Exchange’s main index lost 130.70 points or 0.13% to end Wednesday trade at 96,860.3.
In line with efforts to minimize blackouts in the capital, wastage in Tehran's electricity grid has been cut from 9.3% to 3.2% in four years, the chief executive officer of Tehran Province Electricity Distribution Company said.
The average Producer Price Index for electricity in the 12-month period ending Dec. 21, 2017, which marks the end of fall, declined by 3.43% compared with the same period of last year and 2.52% compared to the same announcement in summer, the Statistical Center of Iran reported.
Bushehr Nuclear Power Plant's first unit in southern Iran has generated 27.5 million kilowatt-hours of electricity since it went on stream in 2011.
National Iranian Oil Company’s Department of Reservoir Management is assessing development proposals submitted for Karanj Oilfield, a reservoir in Khuzestan Province, by Pergas Consortium, a group of international oil and gas companies, and MAPNA Group, an energy and engineering conglomerate.