The trilateral Memorandum of Understanding between Maku Free Zone, Chinese Water Company and the Azarab Oil and Gas Company was signed.
Managing director of Maku Free Zone Organization, Gholamreza Soleimani, said the trilateral Memorandum of Understanding between Maku Free Zone, Chinese Water Company and the Azarab Oil and Gas Company was signed to construct the Badowli and Showt Dams in the form of EPCF and based on subsequent agreements with the Ministry of Energy.
Gholamreza Soleimani, CEO of Maku Free Zone Organization, on the sidelines of the signing memorandum of cooperation between the three sides on the construction of two dams in Maku Free Zone, added: "All tasks of designing and engineering, purchase and implementation of these projects will be handled by the Chinese company and the Azarab oil and gas company.
Referring that 85% of the credits will be financed by the Chinese, he added: The conversion of the Memorandum of Understanding into an applicable contract is time-consuming and during this time, the legal and regulatory approvals contained in the Memorandum of Understanding will be followed to provide the conditions for the presence of the Chinese investor in the project.
Soleimani, stating that the construction of the Badowli Dam can end many issues and problems associated with water resources in the zone, added: Exploiting this dam can provide water to agricultural and industrial sectors.
Managing director of Maku Free Zone Organization, pointing out that water scarcity is a serious issue, added: "One way out of the current situation is cooperation of people with authorities to manage water resources properly."