TEHRAN – Iran is earnestly following the business of gas export to and electricity import from Armenia, Economic Affairs and Finance Minister Davud Danesh-Jafari told the Persian service of ISNA Tuesday on the sideline of the Sixth Iran-Armenia Joint Economic Commission sitting.

The gas pipeline projects, assuming three phases, are to come about by January 2007 and current import of 400 MW electricity would increase to 900 MW upon completion of the power station constructed jointly by cooperation of both nations.

“Moreover, the trade volume may be bolstered significantly if preferential tariff regulations are approved by both governments,” the minister articulated.

Artashes Tomanian, the head of Armenian delegation, also emphasized on expansion of trade and added that Armenia has so far exported $40m of raw and mineral materials to Iran against the $140m import figure.

Iran and Armenia, at present, are working on relaxing Customs formalities as well as conducting studies on legal aspects of banking and scientific cooperation in order to promote mutual economic ties further.