MNA – Head of Thermal Power Plants Holding Company Mohsen Tarztalab announced that, according to a contract, some part of the required finance for revival of Rey power plant, South of Tehran, will be supplied via swapping of crude oil.

“Initially, the power plant was planned to be renovated via Japanese finance, however, due to the imposed US sanctions the plant is to be renovated by swapping oil,” he said.

“It is a 500-million-euro project,” Tarztalab said, “The contractor and employer will negotiate and decide about how much of the required finance will be supplied via swapping oil.”

“The affiliated contract will be signed next week,” he added.