TEHRAN — Iranian Energy Minister Hamid Chitchian announced that Tehran and Yerevan have finalized an agreement on the construction of a hydroelectric power plant in Armenia,Fars News Agency reports.

“The Memorandum of Understanding (MoU) for building a hydroelectric power plant in Armenia has been finalized and Iranian companies will start construction of the power plant soon,” Chitchian said in Tehran on Monday.

Earlier in 2014, Chitchian and Armenian counterpart Yervand Zakharian said in a joint statement that the two nations aim to enhance bilateral relations, mainly in the energy exchange sector.

During the meeting, Chitchian also said that the two nations have been cooperating over the past two decades in the field of energy.

Iran and Armenia have agreed to launch the third energy transfer line and to build two hydro-electric power plants on both sides of the Aras River.

Work on the projects is expected to commence soon, Zakharian said.

Zakharian claimed that once these projects come on stream, energy exchange between Iran and Armenia would increase by two or three times.

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