Mehr News reported that Iranian Energy Minister Mr Reza Ardakanian announced that Iran is to receive a EUR 1.2 billion loan from Russia to build 1,400 megawatt Sirik power plant in south Iran. Sirik Power Plant is estimated to cost USD 1.4 billion. The Russian side has agreed to put up 85% of the cost and the rest will be paid by Iran's Bank of Industry and Mine. The plant will be built on 200ha of land near the small coastal town of Sirik in Hormozgan Province over the next five to six years. The contractor will be Power Machines, a Saint Petersburg-based engineering company. Another Russian contractor, Technopromexport, was to have begun work on the project in February 2017, but the project stalled owing to administrative and funding problems from the Russian side Construction of the thermal power station in the southern province will create 3,000 jobs and 500 more will work at the plant when the first unit goes on stream.