28 Mar 2024
Wednesday 19 April 2017 - 17:56
Story Code : 257892

Minister: Iran inks contracts with Beijing, Moscow for railway development

FNA- Iranian Road and Urban Development Minister Abbas Akhoundi announced that the country has signed contracts with China and Russia to develop its railway system.

Addressing Iranian parliamentarians in Tehran on Wednesday, Akhoundi said that Tehran has endorsed a contract with Moscow on the joint production of 6,000 wagons and another contract with China to help the country use electric trains in the Tehran-Mashhad railroad.

He added that Tehran has inked a contract with China worth $2.5bln to develop Iran's railway system.

Iranian and Chinese officials finalized the deal to electrify the railway linking the capital city of Tehran to the holy city of Mashhad in Northeastern Iran in 2015.

"The 2-billion-dollar project for electrification of Tehran-Mashhad railway has been finalized and it has also received the (necessary) approval of the Iranian Economy Council and we are introducing the project to the Chinese Investment Insurance Company on behalf of the Central Bank of Iran," Manager of the Electrification Project of Iran's Railways Qassem Saketi told FNA following the endorsement ceremony in 2015.

He reiterated that the completion of the project will take 42 months, and said, "The electrification project will shorten the interval of travel between Tehran and Mashhad to 6 hours from the current minimum 12 hours as the train's top speed will hit the 200 km/h maximum."

Saketi said that his department has obtained the necessary licenses for implementing the project through 85 percent of foreign finance.

Saketi said the remaining "15 percent will be financed by the (Iranian) government".
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