Iran will increase natural gas supplies to Armenia under a memorandum of understanding signed at the 17th joint session of the Armenian-Iranian intergovernmental commission in Yerevan on Wednesday.
Speaking at a press briefing after the session, Iranian Energy Minister Ali Akbar Mehrabian noted that the memorandum is one of the most substantive and comprehensive documents, which covers all areas of cooperation between the two neighboring countries.
"At present, the level of economic cooperation between Armenia and Iran is inferior to the level of political cooperation. The excellent level of political cooperation suggests that we should think about developing ties in the economic sphere," he was quoted as saying by Armenpress. According to Mehrabian, the bilateral trade turnover will increase in the near future.
Iran-Armenia gas pipeline
As part of gas for electricity swap deal Armenia has been receiving natural gas from Iran since 2009, which is converted into electricity in Armenia and is shipped back to Iran- 3 kWh of electricity for one cubic meters of natural gas.
The Iran-paid construction of the third 400-kilowatt high-voltage line between the two countries will triple the electricity transmission capacity (from the current 350MW) between the to countries once it is completed, ARKA reports.
