Turkish Firm Signs $4.2bn Power Plant Deal with Iranian Energy Ministry

A major Turkish energy company has finalized a $4.2bn deal with Iran’s Energy Ministry to set up seven natural gas power plants in the Islamic Republic.

Turkish energy company Unit International said in a statement on Saturday June 4 that it has inked an agreement with Iran to build seven power stations with about a combined installed capacity of 6,020MW in seven separate regions of Iran.

“Unit International has reached a deal with the Iranian Energy Ministry worth some $4.2 billion to build natural gas combined cycle power plants,” Unit said, adding the agreement was signed at a ceremony in Tehran on June 1, Reuters reported.

Unit International is owned by Unal Aysal, the former chairman of major Istanbul soccer club Galatasaray.

Back in April, Iran and Turkey signed eight memorandums of understanding (MoUs) to strengthen bilateral cooperation in various areas.

The cooperation documents were signed in a ceremony in Ankara on April 16, attended by Iranian President Hassan Rouhani and his Turkish counterpart Recep Tayyib Erdogan.

The documents covered a range of fields, including higher education, social security, plant maintenance services and standardization.

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