Sunday, October 24, 2004

Saudi Arabia to set up power plant in Iran

Description of Selected News: "Saudi Arabia to set up power plant in Iran

Tehran Times Economic Desk
TEHRAN (MNA) — Head of Iran Power Development Organization said here Saturday that a combined cycle power plant will be established by Saudi Arabia in Tabriz, capital city of East Azarbaijan Province. Hossein Mahmudzadeh added, “On the basis of a BOT (build-operate-transfer) agreement reached between the country’s Ministry of Finance and Economic Affairs and a Saudi company, the Arab party will construct a 1,000MW power plant.”

The plant will cost some 500 million euros, said the official, expressing hope the agreement will be finalized by March 20, 2005.

Iran’s private sector has already started building three power plants of Southern Isfahan, Rudshur, and Parehsar, noted Mahmudzadeh, adding that Tabriz power plant is the fourth."

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