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.
An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer.
A meeting between Syrian economic officials and an Iranian delegation was held in Damascus on Wednesday to discuss economic cooperation between the two countries.
In summer electricity generation reaches its peak in all power plants across the country. However, after the hot season is over, hardly 30% of the power stations operate, the managing director of Mapna Group said.
Iranian First Vice-President Eshaq Jahangiri underlined his country's determination to build roads and railways to link the Persian Gulf states to Syria and the Mediterranean region.
Aproposal by the Energy Ministry to raise water and electricity tariffs by 7% was ratified by the Cabinet. The new rates will go into effect on April 21, Barq News reported.
As per industry sources report to SteelMint, Pakistan’s Government has indicated a hike in electricity tariffs by upto around 25% over the next few months period.