The Russian energy giant Gazprom will invest more than 200 million dollars in the construction of the Iran-Armenia gas pipeline.
The Russian gas giant will invest the sum in the Iran-Armenia gas project by the end of 2009, Armenia’s Minister of Energy and Natural Resources, Armen Movsisyan, said Friday.
Once completed, the 140-km pipeline would provide Armenia with an alternative to the gas it now imports from Russia. For each cubic meter of Iranian gas, Armenia is scheduled to return 3 kilowatt hours of electric energy to Iran.
The remarks by Movsisyan come as Tehran plays host to a delegation from Gazprom today to continue talks on joint energy projects.
Gazprom’s Chief Executive Officer, Alexei Miller, traveled to Iran in February and held talks with Iranian Oil Minister Gholam-Hossein Nozari.
Iran holds the second largest gas reserves in the world after Russia.
MK/JG/GM
