Yervand Zakharyan, Armenia’s Minister of Energy and Natural Resources, who is visiting Tehran, met with Ali Salehabadi, the Governor of Export Promotion Bank of Iran on Monday.
During the meeting, the two sides discussed the last steps of the financing plan, according to which, Iran’s Export Promotion Bank provides the financial resources for the third Iran-to-Armenia power transmission line.
Also Salehabadi, in the meeting, voiced hope for expansion of banking relations between the two nations after tapping the current project.
On the other hand, Zakharyan referred to the good background of ties between the two nations and invited Iranian bankers to visit Yerevan for coordinating more cooperation.
The Armenian Minister broke the news that the equipment for the last phase of Iran-to-Armenia power transmission line is going through costumes ceremonies and will soon be installed by the Iranian company.
Pointing to Armenia’s membership in the Eurasian Economic Community (EAEC or EurAsEC), Zakharyan voiced hope to take advantage of Iran’s capacities in the community.
Having a value of over 107 million euros, the strategic contract which is scheduled to be completed in 24 months was signed between Iran's SUNIR and Armenia High Voltage Electricity Network (HVEN) and is expected to increase electricity exchanges for more than three fold.
About 70 percent of the financial resource of this project is supported by Export Promotion Bank of Iran, while the rest is provided by Iran Power & Water Equipment and Services Export Company (SUNIR).
The project will also connect Iran's electricity network to that of Georgia and Russia which makes it possible for Iran to generate and transit electricity to Caucasus countries.
Tehran and Yerevan signed a contract in 2004 for the annual exports of about 2.3 billion cubic meters of Iran’s gas to Armenia in return for Iran’s importing electricity from its neighboring country.
In March, Armenian Energy Minister Armen Movsisian said Armenia planned to increase its imports of gas from Iran to 2 billion cubic meters per year, an increase of nearly 75 percent.
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