Monday, March 14, 2011

Sinohydro inks $2 billion deal to build Iran dam: report

Sinohydro inks $2 bn deal to build Iran dam: report


TEHRAN � Chinese company Sinohydro has signed a $2 billion deal to build
a hydroelectric dam in Iran's southwest, state media reported on Monday.

Under the contract signed with Iran's Farabi, Sinohydro will construct a
315-metre (1,033 feet) high dam with a capacity of 1,500 megawatts on
the border between Lorestan and Khuzestan provinces, said the website of
state television.

China and Iran have become major economic partners in recent years,
partly thanks to the withdrawal of Western companies in line with
sanctions against the Islamic republic over its contentious nuclear drive.

Annual trade between the two nations is worth about $30 billion,
according to Assadollah Asgaroladi, director of the Sino-Iranian Chamber
of Commerce, who added the target was to raise this to $100 billion.

Last month, an Iranian public company said it signed a contract valued
at about $13 billion with China to build more than 5,300 kilometres
(3,300 miles) of railway lines in the country.

China has also significantly strengthened its presence in Iran's oil and
gas sector by signing a series of contracts, in place of companies from
the West and even Japan.

Iran is OPEC's second largest oil exporter, and also has the second
largest gas reserves in the world after Russia.

Additional reporting is available by Bloomberg
and Fars News Agency

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