Armenia and Iran signed today a document to extend the Natural Gas for Electricity agreement until 2030.
Under the revised agreement Iran will increase exports of natural gas to Armenia while Armenia will increase exports of electricity to Iran, the Territorial Administration and Infrastructure Ministry reported.
The document was signed by Aram Ghazaryan, CEO of Yerevan Thermal Power Plant, and Majid Chegeni, Deputy Minister of Oil of Iran, Director of the National Gas Company.
Armenian Minister of Territorial Administration and Infrastructure Gnel Sanosyan emphasized that the agreement is one of the best manifestations of Armenian-Iranian friendly relations.
"The extension of the agreement will benefit both countries and will certainly have a positive impact on the economic development of both countries," Sanosyan said.
Chegeni, in turn, emphasized that the extension of the agreement will give a new push to the development of Armenian-Iranian relations.
As part of gas for electricity swap deal Armenia has been receiving natural gas from Iran since 2009, which is converted into electricity here and is shipped back to Iran- 3 kWh of electricity for one cubic meters of natural gas, ARKA reports.
