TEHRAN, Iran, August 13. Iran is seeking to finance the construction of its railway projects by oil barter, said Deputy Minister of Road and Urban Development Kheirollah Khademi, Trend reports citing Fars News Agency.
"Oil barter is one of the methods to finance the completion of railway projects, we hope to use this method in addition to bonds sale," he said.
Utilizing domestic resources, oil barter, or issuing securities bonds could support the construction of the railway network, he indicated.
According to the deputy, 560 kilometers of the railroad from Khash to Zahedan will be completed as part of the International North-South Transportation Corridor (INSTC) by July 2023 with 70 trillion (about $1.6 billion) credit.
The official has called on members of the parliament to allocate part of Iran's oil export revenue to the development of railway networks.
