Iran, Armenia to enhance electricity exchanges

YEREVAN, Aug. 04 (MNA) – Iran and Armenia signed a contract to develop mutual energy cooperation, in Yerevan on August 03.

Armenian Electricity Company and Iranian Sanir Company inked a 107-million-euro agreement on electricity exchange, in presence of Armenian Prime Minister Hovik Abrahamyan, Minister of Energy and Natural Resources Ervand Zakharyan and Iranian Head of Joint Economic Cooperation Committee Homayoun Haeri.

Based on the agreement, Iran's Export Development Bank will finance 85 percent of the contract, with Sanir providing the rest 15 percent.

Once the contract is enforced by Sanir, the volume of exchanged energy between Iran and Armenia will increase from 350 to 1000 megawatts.

Operations for installation of electric power transmission facilities and required equipments will be implemented by Iranian companies in a 24-months period.

Sanir Company has 20 years of experience in implementation of water and electricity projects in Syria, Iraq, Oman, South Africa, Turkmenistan, Pakistan, Sri Lanka and a number of other countries.


News Code 108995


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