Economy, Domestic Economy

€1.2b Railroad Deal With Russia

€1.2b Railroad Deal With Russia €1.2b Railroad Deal With Russia

A contract worth €1.2 billion has been signed between Iran and Russia on electrifying Garmsar-Sari-Gorgan-Incheh Borun railroad. “As per the agreement, the electric locomotives will be manufactured inside Iran and in cooperation with Iranian firms,” Mohsen Pourseyyed-Aqaei, the managing director of Islamic Republic of Iran Railways, said. The official added that the implementation of the project would send transit capacity to 8 million tons. The contract will be financed by Russian banks and it will take 36 months to complete, Mehr News Agency quoted the official as saying.