TAVANIR, KEPCO ink $10bn MoU

TEHRAN, May 04 (MNA) –  Iran’s Power Generation and Transmission Company (TAVANIR) and Korea Electric Power Corporation (KEPCO) have sealed a deal over expansion of cooperation in power and energy industries.

A Memorandum of Understanding (MoU) worth about 10 billion dollars was signed on Tuesday afternoon between Iran’s TAVANIR and South Korea’s KEPCO on implementation of projects to reduce power losses, promote efficiency, construct new power plants as well as on smartification of the country’s power grid.

As stipulated in the joint agreement, Chinese financing credit line will be exploited to launch nearly $10 billion of new projects in Iran’s power and energy industries.

Another axis of the Tehran-Seoul MoU marks construction of 705-kV transmission lines in the country in addition that by using modern technologies of South Korea to set up new generation of smart meters, electricity losses in the distribution network will be reduced to a minimum.

Speaking during the MoU signing ceremony between TAVANIR and KEPCO, Iran’s Deputy Energy Minister Houshang Falahatian pointed to the Korean president’s trip to Thran saying “a new chapter is being formed in Iran-Korea joint cooperation in power and energy industries.”

The official emphasized the need for transfer of technical knowledge, technology as well as fund raising for expansion of the country’s power industry during the post sanction era; “South Korea can be a trustworthy partner for the Iranian industry in the post-JCPOA period as negotiations have kicked off with Korean firms on making investments and on training electrical industry staff and professionals.

By Mehr News Agency