(Persia Digest) – Iran and Iraq on Friday extended an already reached contract for export of electricity to Iraq.
The contract was re-signed by Iran Power Generation, Distribution and Transmission Company (Tavanir) and the Iraqi party in presence of Iran's Minister of Energy Reza Ardakanian and Iraqi Electricity Minister Luay Al Khateeb.
Under the contract, signed in 2005, Iran exports 150 megawatts of electricity to Iraq. The contract is extended annually.
Based on the latest agreement, Iran annually exports 1,200 megawatts of power to Iraq through three lines passing Basra, Dialah and Amarah.
Governor of the Central Bank of Iran (CBI) Abdulnasser Hemati has signed a Memorandum of Understanding with Iraqi Finance Minister Fuad Hussein based on which a new financial mechanism is devised for expediting Iraq's gas and electricity debt repayment to Iran.