Armenia, Iran renew energy pact till 2030

Armenia and Iran signed a document on the extension of the "Gas in exchange for electricity" agreement until 2030 on August 10.

The agreement was signed by the General Director of Yerevan Thermal Power Plant CJSC Aram Ghazaryan and Deputy Oil Minister of the Islamic Republic of Iran, Director of the National Gas Company Majid Chegeni, TASS reports with reference to the press service of the Ministry of Territorial Administration and Infrastructures of Armenia.

“The extension of the agreement is a win-win deal. It will create an opportunity to increase gas imports and electricity exports, which will certainly have a positive impact on the economic development of both countries,” said Minister of Territorial Administration and Infrastructures Gnel Sanosyan.

Armenia and Iran have started mutual deliveries of electricity in exchange for gas since 2009. Armenia receives from Iran several hundred (usually 400-500) million cubic meters per year. m of gas, in exchange for this, Armenia supplies 3 kWh of electricity per 1 cu. m.