Iran, Armenia Sign Agreement on Gas Main Construction

RIA OREANDA
Economic Press Review
May 16, 2004 Sunday

An agreement on construction of a gas pipeline Iran-Armenia was
signed on Thursday. The agreement was signed by Energy Minister
of Armenia Armen Movsesyan and Irani Minister of Petroleum Bijan
Namdar-Zanganeh. According to the agreement, Iran is to supply 1.1bn
cubic meters of natural gas annually, and Armenia is to pay for it
with electric energy. Presumably, the supply volume will be further
increased to 2bn cubic meters per year. Companies to take part in
the project’s execution are to be singled out by means of a tender.
Earlier, the Armenian part had meant to participate in the project
designed by Gazprom and Ukrainian companies. Building of the gas
pipeline will cost the Armenian part about $90mln, and the Irani one
– $120mln.