Published On: Tue, Dec 22nd, 2015

Russia set to build two nuclear power plants in Iran, may also grant $5 Billion loan in 2016

Vladimir Putin in November said Russia was ready to extend a $5 bln state loan to Iran to promote industrial cooperation

BRICS/SCO Summits - Russia 2015



Russia has announced that it will build two nuclear power plants in Iran starting next week, Iranian Mehr news agency quoted a senior Iranian atomic energy official as saying on Tuesday, according to JNS.

Behrouz Kamalvandi, spokesman for the Atomic Energy Organization of Iran seems to be referring to extending the Russian-built Bushehr nuclear power plant in southern Iran.

This move come a year after Iran signed a contract with Moscow to build up to eight reactors at the Bushehr power plant, where one nuclear reactor is already running.

The International Atomic Energy Agency (IAEA), the United Nations nuclear watchdog, ended this month a 12-year investigation into Iran’s nuclear weapons program and sanctions on Iran are expected to be lifted as a result.

Russia may also grant a public loan to Iran worth $5 billion already next year in case all formalities are settled in the first quarter of 2016, the Minister of Industry and Trade Denis Manturov said on Tuesday, according to Russian news agency TASS.

“I think in case we manage to settle all formalities in the first quarter of 2016, [loan’s granting – TASS] may be implemented already next year, ” Manturov said.

In November 2015, Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani announced the two countries’ intention to boost mutual trade turnover. Vladimir Putin also said Russia was ready to extend a $5 bln state loan to Iran to promote industrial cooperation. “We plan to enliven industrial cooperation. Russia is ready to offer a state export loan for these purposes worth $5bln, ” Putin said, adding that the sides have selected 35 priority projects in the areas of energy, construction, sea terminals, railways, etc.

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