Tehran, Islamabad to launch $718 million power project

TEHRAN,Feb.19(MNA)-- Iran and Pakistan agreed to invest $718 million to establish a power transmission line through which Iran will export electricity to its eastern neighbor, Iranian Energy Minister Majid Namjou announced on Saturday. Some $500 million will probably be taken out of Iran’s National Development Fund to finance the project, Namjou told. Pakistani President Asif Zardari in a meeting with his Iranian counterpart Mahmoud Ahmadinejad in Islamabad on Friday reiterated commitment for expeditious implementation of Iran-Pakistan gas pipeline project, 1,000MW electricity transmission line and 100MW Gwadar power supply. Zardari also allayed Iranian apprehensions about the Iran-Pakistan gas pipeline project and reiterated commitment to resist U.S. pressure for abandoning it. He was firm that work on the project would be expedited to complete it by 2015. Iran and Pakistan have negotiated on boosting Iranian electricity exports to the neighboring country by over 10 folds to reach 4,000 megawatts (MW) per day. Currently, Iran exports some 35MW of electricity to Pakistan on the daily basis. By the next three years, the country will increase the electricity exports to Pakistan by 1,000 megawatts, Namjou said earlier this month. Deputy Energy Minister Mohammad Behzad has said that Iran’s power exports are expected to reach a mark of $1billion in the current Iranian year which ends on March 19. Iran’s electricity network is connected into the power grids of seven neighboring countries, including Afghanistan, Pakistan, Iraq, Turkey, Armenia, Azerbaijan and Turkmenistan.