Iranian company signs $100m wind power deal

Technical service sector can assist in overcoming power shortage, says Iran's Commercial Counselor.

KARACHI: An Iranian company, Sanir, has signed an agreement worth $100 million with a Pakistani company to provide 1,000 megawatts of electricity to Sindh by setting up a wind power plant, informed Iran’s Commercial Counselor in Karachi, Ahmad Fasihi.

During a meeting with Tariq Sayeed, Chairman of the Pak-Iran Business Council of the Federation of Pakistan Chambers of Commerce and Industry, he said that Iran has great potential in the technical service sector relating to installation and export of power plants, which could assist Pakistan in overcoming shortage.

Fasihi said that Iranian companies can also assist Pakistan in construction of highways, railway tracks, bridges, huge building complexes, grain depots and dams. Joint ventures in these fields could be fruitful for both countries and Pakistani investors can participate in various projects, including buying or starting private banks in Iran, he added.

He stated that with the launch of an Iranian bank in Pakistan and a Pakistani bank in Iran bilateral trade could reach $3 billion a year.

Sayeed praised the Iranian commercial counselor for arranging exchange of trade delegations which resulted in signing of agreements in various fields and increased (non-oil) trade volume from $350 million four years ago to $800 million in the previous year.

It is expected that trade volume will exceed $1 billion in the current year, as a result of a 45 per cent rise in bilateral transactions, he added.

He also said that for the first time Pakistan’s solo exhibition will be held in Iran next year and Iran would also organise an expo in the same year.

Published in The Express Tribune, December 3^rd, 2010.