ARMENIA SIGNS AGREEMENT ON GAS SUPPLIES WITH IRAN

Friday, 14 May 2004

ARMENIA SIGNS AGREEMENT ON GAS SUPPLIES WITH IRAN

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By empty (5/14/2004 issue of the CACI Analyst)

Managing Director of the National Iranian Gas Company (NIGC) Roknoddin Javad and General Director of the Yerevany Power Station Ovakim Ovanessian have signed an agreement on gas supplies to Armenia, Arminfo news agency reported. According to Armenian Energy Minister Armen Movsisian, Armenia and Iran will construct a pipeline in two years and make it operational before January 1, 2007. Iran has agreed to deliver not less than 1.1bn cubic meters of natural gas to Armenia. Armenia is to pay for gas with electric energy supplies. The construction of the Armenian part of the pipeline linking the city of Megri with Yerevan with a length of 100 km is estimated at $96m-$100m. The Iranian 41-km part of the pipeline is estimated at $120m. Each of the two countries is responsible for constructing its part of the pipeline. The minister declined to comment on possible sources of financing the construction. His Iranian counterpart Bijan Namdar-Zanganeh declined to name the agreed price of gas supplies. He stressed that under the 20-years agreement Iran was to deliver 36bn cubic meters of gas to Armenia. According to some data, the cost of gas supplies is agreed at $84 per 1,000 cubic meters. The Armenia-Iran intergovernmental agreement covering the route of the 141-km pipeline was signed in 1995. (RosBusinessConsulting)

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