©ReutersIstanbul, June 4 — Turkish energy company Unit International has reached a $4.2bn deal with Iran’s energy ministry to build seven natural gas power plants there, in what it said was the biggest investment in Iran since the lifting of sanctions.
The power stations, to be built in seven separate regions of Iran, Turkey’s eastern neighbour, would have a combined installed capacity of more than 6,000MW, the company said in a statement.
The US, EU and UN lifted most sanctions on Iran in January under a deal with world powers whereby Tehran agreed to curbs on its nuclear programme.
Turkish companies have seen the move as a major trade and investment opportunity, with the car, clothing, textiles, machinery and chemicals sectors also seen offering potential.
“Unit International has reached a deal with the Iranian Energy Ministry worth some $4.2bn to build natural gas combined cycle power plants,” Unit said, adding the agreement was signed at a ceremony in Tehran on June 1.
Unit International is owned by Unal Aysal, the former chairman of major Istanbul soccer club Galatasaray.
Mr Aysal said that when completed the power plants would meet 10 % of Iran’s energy needs. Construction of the seven plants was planned to begin in the first quarter of 2017.
