TEHRAN – TUGA and PARTO, two MAPNA companies, and TURBOTEC Company along with NRI jointly announced the entry into a series of long-term agreements that amend the commercial and technological relationships between the four parties. The Agreements focus on:

Hiwa Khaledi, TURBOTEC’s president and CEO, said, as a R&D and Design company “We are very pleased with the agreements we have reached. NRI provide clarity for customers, official decision makers and shareholders. On the other hand, our ability to execute and provide a differentiated investment opportunity is changed by agreement with capable manufacturers at MAPNA. We have game-changing plans for upgrading in power sector. Importantly, there will be significant material impact to our outlook, strong balance sheet, or ability to generate cash. We remain well positioned to capitalize on the positive outlook for our industry and are focused on our top priorities of technology development and design activities.”

TURBOTEC Chairman M. DIBAJEE, said, “Earlier last year we announced our intent to pursue an aggressive strategy into service market of power sector. The agreements announced accelerate that plan in a manner that mutually benefits all companies and their shareholders. We look forward to continuing our commercial relationship, which strengthens both TURBOTEC’s, TUGA and PARTO’s abilities to deliver high-value technologies and solutions to IRANIAN customers.”

NRI top manager M. ASAYESH declared, “We took a major step in gathering unused separate design and manufacturing potentials in country to enhance capabilities against foreign technology owners”.

All parties hope this is an opening to further collaborations which is first-of-its-kind in IRAN. The agreements will become effective at the later of MAY 22, 2019.

Agreement highlights

Other key agreements