TEHRAN: Iranian Oil Minister Bijan Namdar Zanganeh and Armenian Energy and Natural Resources Minister Yervand Zakharyan negotiated for rising Iran’s exports of gas to Armenia in exchange for boosting the country’s imports of electricity from its neighbor.
Zanganeh reminded that the framework for the bilateral cooperation will be as before; adding that the details of boosting Iran-Armenia gas-for-electricity trade will be studied afterwards.
Tehran and Yerevan signed a contract in 2004 for the annual exports of about 2.3 billion cubic meters of Iran’s gas to Armenia in return for Iran’s importing electricity from its neighboring country.
In March, Armenian Energy Minister Armen Movsisian said Armenia planned to increase its imports of gas from Iran to 2 billion cubic meters per year, an increase of nearly 75 percent.
Iran has significant natural gas reserves and production. With natural gas expected to grow rapidly, partly as the result of decreased emissions, Iran’s natural gas production will grow more significantly.
