After meeting with Armenian Minister of Energy and Natural Resources Yervand Zakharyan here on Sunday, Iranian Oil Minister Bijan Zanganeh said the two sides held talks on boosting Iran’s gas exports to Armenia and in turn receiving an increase in electricity imports from the country.
Noting that the framework of cooperation between the two countries would remain the same as before, Zanganeh added the details of te rise in Iran-Armenia transactions will be further discussed by the two sides.
The Iranian minister also added that First Vice President Es'hagh Jahangiri is planned to visit Armenia at the official invitation of Armenian Prime Minister Hovik Abrahamyan in the near future.
Iran and Armenia signed an official contract in 2004 over the export of Iranian gas to the country. The annual capacity of the Iran-Armenia Natural Gas Pipeline is about 2.3 billion cubic meters. Under the agreement, Iran’s exported gas will be used in Armenia’s power plants and the country will in turn import electricity from Armenia.
Earlier this September, Armenian Deputy Energy and Natural Resources Minister Areg Galstyan said current annual exports of electricity - 1.8 billion KWh - can be increased to 6.9 billion KWh.
According to reports, Iran and Armenia are now building a third high-voltage electricity transmission line which is planned to be completed by 2018.
Armenia has no proved reserves of oil or natural gas, but the Iran-Armenia Natural Gas Pipeline has the capacity to provide twice the country's natural gas consumption. Despite a lack of fossil fuel, Armenia has significant domestic electricity generation resources thanks to the reopening of the nuclear power station at Metsamor.
Iran has the world's second largest natural gas reserves after Russia.
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