TEHRAN – Iran and Armenia will soon sign an agreement on construction of the third 312 km power transmission line to increase electricity exchange between the two countries, the Persian service of ISNA reported yesterday.

In a ceremony on Monday, Armenian deputy energy minister Simonian and executive director of Export Development Bank of Iran (EDBI) endorsed financial agreement on paying part of the project valued at $90m to Armenia.

“Insurance coverage and exporting technical and engineering services are also part of the package offered by EDBI which pays 85% of total cost to the contractor,” the director, Noruz Kohzadi, stipulated.

“The repayment terms are set at five years for this 800-MW business,” he said, adding that the bank commonly finances the projects which are 60% domestically made and are performed by private sector.

The third power line will transfer electricity through the double-circuits with the carrying voltage of 400 KV.