Iran, Russia in talks over electricity exchange

TEHRAN (ISNA)- Iran and Russia are in final talks over electricity exchange during high seasons. Payam Baqeri, Head of Export Committee of the Iranian Power Industry Union, said that Iran and Russia have for long been negotiating over electricity swap during summer and winter. Accordingly, Iran will export electricity to Russia during winter and Russia will power up Iranian electricity grid during summer time when the local heat ups power consumption. He told has told the Azerbaijan Press Agency (APA) that a significant issue for the two sides has been a route to pick for the transfer. The report said currently two routes were available; one from Iran to Armenia and then Georgia before reaching Russia and the other from Iran to Azerbaijan and then Russia via Georgia again. The official reportedly said that given the existing conditions for power exchange, the swap was likely set to take place through Azerbaijan. He said the two neighbors have already synchronized their power grids. Moscow and Tehran have moved to deepen economic ties since the lifting of anti-Iran sanctions in January. Russia and Iran signed a major agreement last October to promote economic cooperation. The key agreement specifically called for the expansion of cooperation between the two countries in areas such as transportation, the oil industry, road and urban development as well as the banking sector. The two countries have also been working to create a joint bank and carry out their transactions in local currencies. Ali-Akbar Velayati, a senior adviser to Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei, said in early February that Iran and Russia had signed contracts worth a total of around $40 billion over different industrial infrastructure projects. Velayati emphasized that the contracts were ready for implementation.

Source: ISNA