RosBusinessConsulting, Russia
Aug 25 2004

Iran provides $30m credit to Armenia

RBC, 25.08.2004, Yerevan 17:35:43.Iran will allocate a $30m
credit to Armenia to construct Armenia’s part of an Iran-Armenia gas
pipeline, Armenian Energy Minister Armen Movsisian told journalists.

The credit will have a 5-percent interest rate and 7.5 year
maturity. The resources will be invested in laying the pipeline from
Agarak to Kadzharan in Armenia.

Movsisian added that the construction of the gas pipeline in
Armenia would start by the end of 2004. The laying of the pipeline
from Kadzharan to Yerevan will be financed by Armenia. The republic
will repay the credit in electrical energy supplies, the ARMINFO news
agency reported. Iran has already started laying the pipeline in its
territory, the minister added.

According to an agreement signed on May 13 in Yerevan
(Armenia), the gas pipeline is to be put into operation by January 1,
2007.