Moj News Agency, Iran
June 6 2009

Iran to Finance Oil Pipeline to Armenia

The oil pipeline form Iran to Armenia is valued at $250 million and
Iran has decided to fully finance the project, Armenian Minister of
Energy and Natural Resources Armen Movsesian said. However the project
is being funded on condition that eventually Armenia will reimburse
its share of the costs, Movsesian added. Iran’s decision reflects its
understanding that currently Armenia faces serious financial
difficulties and cannot pay for the project. In the near future
Iranian experts will travel to Yerevan to make a final estimation and
conclude a financial and technical agreement. The Minister expressed
his hope that the project will start in 2009. He also highlighted the
project’s importance as a means of securing the country’s energy
safety. Iran supplies Armenia with natural gas; and in return Armenia
gives Iran electricity. 2009/06/06