TEHRAN -- Armenian President Serzh Sargsyan stated in Yerevan on Saturday that the global economic crisis will not affect the implementation of Tehran-Yerevan joint ventures.

“Yerevan places paramount importance on proposed projects and those underway, such as the oil pipeline, the joint railway, and the hydroelectric power plant,” Sargsyan said at a press conference, according to IRNA.
“Although the projects will cost billions of dollars, we will secure the required financial resources due to their strategic importance,” he added.
Iran and Armenia reached a primary agreement in 2007 on the construction of a 300-kilometer oil pipeline from the Iranian city of Tabriz to the Armenian border city of Meghri.
The two countries also reached an agreement in Yerevan on April 4, 2009 to establish a railway that would connect the two countries to the Black Sea as a strategic transit route.
The 470-kilometer railway would take five years to build and cost up to $1.2 billion to complete.
The hydroelectric power station will be built on the border Aras River and will produce 800 million kilowatts of electricity per annum.
The Armenian president is scheduled to arrive in Iran on April 13 for a two-day visit to review bilateral ties with Iranian officials