Without loan, Russia can be removed from Iranian railway project: official
Iran says Russia can be removed of a key railway project in the north of the country if it fails to provide a major loan needed to complete the project.
Deputy Iranian transportation minister Kheirollah Khademi said on Wednesday that Russia’s presence in the Rasht-Astara railway project is because the country has agreed to provide a relatively low-interest loan to the project.
“The presence of Russia in the Rasht-Astara railway will be basically meaningless if we cannot use the Russian loan,” said Khademi, according to remarks published by ILNA news agency.
He said that Iran may resort to other financial mechanisms to secure the funding needed to complete the project, including oil barter.
The official said the Russians will be in charge of some operational tasks in the Rasht-Astara railway project, adding that the involvement will depend on whether they offer good prices for the works they will do.
Khademi said, however, that a bulk of the railway project between Rasht and Astara along the Caspian Sea will be completed by the Iranian side.
He said that Iran and Russia have yet to finalize a contract on the Rasht-Astara railway project, adding that the signing of the contract will depend on a final pricing that is expected to be announced by the Russians.
The official described as “good” an initial pricing submitted by the Russians for the project, saying that that the interest proposed for the loan has also observed the internationally accepted norms.
Iran and Russia have touted the 162 km (100 mile) Rasht-Astara railway as an important link in the International North–South Transport Corridor, a corridor that will connect India, Iran, Russia, Azerbaijan and other countries via railways and sea and can rival the Suez Canal as a major global trade route.
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