CEO of the Power Plant Repairs company of Iran said on Tuesday that the firm had reached an initial understanding with Venezuelan authorities for repair works on around 10 GW of power plant capacity in the South American country.
Masoud Moradi said the contract could be finalized in a future visit by Iranian parliament speaker Mohammad Baqer Qalibaf to Venezuela.
“We are capable of responding to 10 GW of Venezuela’s demand for (power plant) repairs completely on our own,” said Moradi.
The announcement comes amid growing economic and energy cooperation between Iran and Venezuela as the two countries seek to offset the impacts of American sanctions on their energy sectors.
Iranian firms have contributed to large-scale energy projects in Venezuela in recent years, including in joint schemes to boost the country’s crude oil and gasoline production.
That comes as a visit by Venezuelan President Nicolas Maduro to Tehran in July allowed for a further deepening of ties between Iran and Venezuela.