Armenian minister of energy says that Iran-Armenia gas pipeline project will bring economic and political prosperity for Yerevan.

“Armenia is assigned to transfer three kilowatt-hours electrical energy to Iran in return for one cubic meter gas,” Armenia’s Minister of Energy Armen Movsisyan said.
The gas pipeline, which was inaugurated early this year with the Iranian President Mahmud Ahmadinejad and his Armenian counterpart Robert Kocharian in attendance, will supply all the natural gas needed by Armenia in two years.
According to the schedule, the pipeline is expected to transfer 400 million cu. m. annually in the first phase which will sharply jump up to 2.5 billion cu. m. in the second phase.
In a joint venture Iran and Armenia have given a go ahead to the construction of a 140 megawatt power station in Aras River flowing on Iran-Armenia border.
Tehran and Yerevan have also signed an agreement to manufacture an oil derivates refinery in Armenia at a cost of 2.5 billion dollars.
(Source: 168 Hours)