The Industrial Development and Renovation Organization of Iran (IDRO) has signed a memorandum of understanding (MoU) with  Finland’s Wärtsilä. The signature came in purpose of cooperating on the development of decentralized power generation in the country including power plant operations, maintenance services, and related liquefied natural gas (LNG) infrastructure, reported Hydrocarbon Engineering.

Under the terms of the agreement, Wärtsilä will provide relevant expertise and resources to support IDRO in its objective to improve the infrastructure and develop the Iranian industry. In a second phase this cooperation will be extended to the marine sector and the Iranian shipping industry, according to Diesel&Gas Turbine.

IDRO owns more than 120 subsidiaries and affiliated companies operating both domestically as well as internationally. Iran ranks among the two biggest countries in the world when it comes to oil and gas reserves. The country plans to investment more than $100b in its oil and gas industry in the next five years. The nominal capacity of power generation in Iran is planned to grow by more than 25GW in the coming five years.