Wärtsilä and the Industrial Development & Renovation Organisation of Iran (IDRO), the largest industrial corporation in Iran, signed a Memorandum of Understanding (MoU) on 29 October. The MoU was signed in connection to the President of Finland Sauli Niinistö’s recent visit to Iran. With this agreement, both parties agree to cooperate on the development of decentralised power generation in Iran, including power plant operations and maintenance services and related liquefied natural gas (LNG) infrastructure.
Wärtsilä will provide relevant expertise and resources to support IDRO in its objective to improve the infrastructure and develop the Iranian industry. In a second phase this cooperation will be extended to the marine sector and the Iranian shipping industry.
Currently IDRO owns more than 120 subsidiaries and affiliated companies operating both domestically as well as internationally. Iran ranks among the two biggest countries in the world when it comes to oil and gas reserves. The country plans to investment more than US$100 billion in its oil and gas industry in the next five years. The nominal capacity of power generation in Iran is planned to grow by more than 25 gigawatts in the coming five years. This progressive growth plan is needed in order to achieve the strategic targets of further developing the Iranian industry, manufacturing skills and power plant project execution.
“With this agreement, Wärtsilä is showing its commitment to support the development of the Iranian industry and power generation sector, on the basis of a mutually beneficial relationship,” said Javier Cavada, President of Wärtsilä Energy Solutions.
“Wärtsilä’s proven capability to deliver high quality, efficient, and flexible power solutions will support the ambitious development program of Iranian industry. IDRO will play a key role in expanding industrial know-how and localising related competences,” said Fardad Daliri, Executive Vice President for IDRO Industrial Investment Development.