Iran and Indonesia have finalized a deal to build 48 small-sized hydroelectric power plants in the Southeast Asian archipelago.
Iranian Energy Minister Hamid Chitchian and Indonesian Coordinating Minister for Economics Sofyan Djalil finalized a deal in Tehran under which Iranian companies will build 48 dams in the next five years along with a series of one to 10-megawatt hydroelectric power plants.
The Indonesian minister headed a delegation to attend the 11th session of the two countries’ joint economic commission. They wrapped up talks March 24 by signing a memorandum of understanding for cooperation in the fields of industry, investment, trade, customs and banking.
Iran’s Minister of Communications and IT Mamoud Va’ezi said their cooperation will cover such areas as oil, gas, petrochemical, electrical and mineral industries.
In February 2014, the two countries signed an agreement to build a refinery in Indonesia to process 300,000 barrels per day of Iranian heavy crude oil. It will require around US$3 billion of investment with Indonesians covering 70 percent and Iran the rest.
Djalil said they were “seriously” working to start construction of the refinery, the IRNA news agency reported. He also said Indonesia was considering to build a chemical fertilizer plant in Iran which will provide feedstock.
Trade between Iran and Indonesia stood at US$450 million last year, sharply down from US$2 billion before intensified Western sanctions on the Islamic Republic in 2012.
Djalil said the banking problems preventing money transactions with Iran is biggest hurdle to expansion of its bilateral relationship.
Indonesian officials intend to resume oil imports from Iran and join China, India, Japan and South Korea, which are Iran’s main customers for crude in Asia.
Indonesia imports 800,000 to 900,000 barrels per day of crude oil but Djalil pointed to greater potential.
If you have news you would like to share on Breakbulk.com, please email me. Include a description and a large photo, preferably no less than 1600 pixels wide.
-
Leslie MeredithWeb Producer, BreakbulkTV & Social Media+1 801 201 5971Utah, USA
Latest News
-
Image may be NSFW.
Clik here to view.
September 3, 2015Mammoet Lowers TBM Parts Back Down the SR99 Pit Mammoet has lowered the front end of the repaired tunnel boring... -
Image may be NSFW.
Clik here to view.September 3, 2015Port Tampa Bay CEO Elected Chairman of Florida Ports Council Port Tampa Bay president and CEO Paul Anderson has been... -
Image may be NSFW.
Clik here to view.September 3, 2015Bechtel Launches Engineer Training Program in Abu Dhabi Bechtel today announced an agreement with the Abu Dhabi Department... -
Image may be NSFW.
Clik here to view.![Refinery; Shutterstock]()
September 2, 2015CB&I Wins Second LACC Ethane Cracker Contract in Lake Charles CB&I today announced it has been awarded an...
The post Iran to build 48 power plants in Indonesia appeared first on Breakbulk Events & Media.