Sunday, September 24, 2023

Iran and Armenia sign gas-electricity swap deal

Iran and Armenia have signed a new agreement to export Iranian gas to the former Soviet republic. The agreement was signed in a ceremony in the Armenian capital Yerevan with Majid Chegini, Iran’s Deputy Oil Minister, and Mehdi Sobhani, Iran’s Ambassador To Armenia and Sanusian, Armenian Minister of Regional Management and Infrastructure being in attendance.

The Iranian embassy in Yerevan said the initial agreement was reached during Armenian Prime Minister Nikol Pashinyan’s visit to Tehran in November of 2022 and the final document was signed on Thursday.

Iran’s gas exports to Armenia will be within the framework of an energy swap deal and the talks between the delegations of the two countries focused on the amount of gas exports and the exchange rate of electricity and gas. Iran’s pipeline to Armenia is capable of transferring more than one billion cubic meters of natural gas to Armenia per annum while only about one-third of this capacity has been used since it was launched.

Armenia exports electricity to Iran in return for importing gas. Following the completion of the third electricity transmission line from Armenia to Iran, the line’s capacity will also increase by three times to hit 1300 megawatts.

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