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| Iran, Turkey sign MoU on Kars - Igrir - Bazargan - Julfa railroad |
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 Iran and Turkey have signed a memorandum of understanding on cooperation and construction of the Kars-Igrir-Bazargan-Julfa railroad, National Iranian Railways International Department head Abbas Nazari said, ILNA reported.
The memorandum was signed at the seventh meeting of the joint Iran-Turkey transportation commission.
Iranian delegation led by Iran's first Vice president Mohammad Reza Rahimi, was on official visit to Turkey.
"The Kars-Igrir-Bazarghan-Julfa railroad is a priority project, and based on business and technical meetings, the experts will visit the border sometime in late October," Nazari said.
He added that Kars-Igrir-Bazarghan-Julfa is a trategic corridor, that would have a transit capacity of 3-4 tons per year.
"This is the opportunity that will help to increase revenues and improve transit of goods between countries," Nazari said.
The official added that the project will cost around $800 million, and the railroad's length would be some 400 km (200 km equal, on both sides).
Earlier Iranian delegation has discussed a possibility of constructing an oil pipeline to Europe through Turkey's territory.
Iran and Turkey are determined to boost their trade exchanges to $30b in the near future. Turkey imports around 8 million tons of oil and 8 billion cubic meters of gas per year from Iran.
Iran and Turkey have in recent years increased their cooperation in all the various fields of economy, security, trade, education, energy and culture.
Upon arrival at the international airport in Ankara, Rahimi told reporters that the speed of trade exchanges between the two countries has accelerated and will soon reach the targeted goal of 30 billion dollars per year.
He said the volume of trade exchanges in the first six month of the current Iranian year, which started on March 20, has exceeded 16 billion dollars which is expected to reach 25 billion dollars by the end of the year.
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