Secretary Of National Security Council: Iranian Investments In Armen

SECRETARY OF NATIONAL SECURITY COUNCIL: IRANIAN INVESTMENTS IN ARMENIAN ECONOMY TO REACH $980MLN

/ARKA/
April 28, 2009
YEREVAN

As a result of Armenia-Iran political agreement, Iran is to invest
about 980mln USD in the Armenian economy, Secretary of Armenia’s
National Security Council Artur Baghdasaryan told journalists Saturday.

He reported that Armenian president presented the results of his
last visit to Iran and the agreement reached at the recent Security
Council meeting.

The Iranian side is ready to invest 400mln dollars in construction of
Armenia-Iran railroad, Baghdasaryan said. Total cost of the project
is to be 1-1.2bln dollars.

The road will not only create new jobs, but will also allow Armenia
getting connected with Middle Asia counties and China through the
Iranian transport system, Baghdasaryan said. He also stressed that
during his April visit to Moscow President Sargsyan got it confirmed
that Russia is interested in the project.

Total length of Iran-Armenia railroad is to be about 470 kilometers,
including 60 kilometers on the territory of Iran and the remaining
part on the territory of Armenia. The works are to be carried out in
several stages: feasibility study, establishing of financial sources,
selection of optimal route and the construction stage itself.

Baghdasaryan reported that an agreement was reached about construction
of Iran-Armenia oil pipeline with 2.5mln-ton capacity. Armenia is to
receive refined oil through this pipeline. This will provide Armenia
with an alternate fuel supply and will reduce the fuel price. He also
said that Armenia will have an opportunity to export oil products as
its own demand is about 500,000 tons only.

Another important agreement was reached on construction of a hydro
power plant on Araks River. The project is to cost approximately
250mln USD.

Baghdasaryan pointed out that the main financial investments are to
be implemented by the Iranian side with the further settlement to be
made by electricity, goods and equipment.