Energy Minister Reza Ardakanian pointed to cordial political relations between the two countries and said, "Despite the cordial political relations, ties in economic sector are not as strong," ILNA reported.
Ardakanian, who also is head of the Iran-Russia Joint Economic and Trade Cooperation Commission, said the commission wants to expand economic cooperation between the two neighbors.
Referring to the concerted efforts of Power Machines Company to cooperate with Iranians, the minister said, "We hope that by May, when the 15th meeting of Iran-Russia Joint Economic and Trade Cooperation Commission convenes in Tehran, we will see effects of today's agreements”.
According to Financial Tribune, Thermal Power Plant Holding Company was one of the Iranian companies that signed an MoU with the Russian side.
Regarding the agreement, TPPHC managing director Mohsen Tarztalab said, “The Russian firm will finance the project to modernize and develop Ramin Power Plant in Ahvaz, Khuzestan Province”.
"The project is expected to cost $510 million. Iranian companies will cooperate with the Russian side to rebuild and renovate the plant.”
Located in southwest, Ramin plant is a natural gas-fired power plant spread over 156 hectares. It has 6 traditional thermal units with total capacity of 1,850 megawatts of electricity.
Power Machines is a global power engineering company – one of the world’s top ten industry leaders in terms of installed-equipment volume. It has a wealth of experience and expertise in engineering-design, manufacturing and supply equipment for thermal, nuclear and hydro power plants.
TPPHC is responsible for organizing government activities in thermal power generation; planning, development, management and operation of power plants based on the policies of Ministry of Energy.
In his last trip to Moscow in November, Ardakanian stressed the strengthening of ties between Tehran and Moscow in diverse economic sectors.
The Iran-Russia joint commission includes 15 working groups operating in the fields of transportation, standards, banking, tourism, sport and youth, investment, nuclear, higher education, industry, Eurasian Economic Union, customs, health, culture, energy and mining.
Russian officials have often voiced interest in expanding economic ties with Iran. The two sides have held wide-ranging talks on ways to promote collaboration in the fields of energy, rail and aviation.