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. The officials met on Sunday in Tehran, according to the Shana News Agency.

Noting that the framework of cooperation between the two countries would remain the same as before, Zanganeh added the details of the rise in Iran-Armenia transactions will be further discussed by the two sides.

The Iranian minister also added that First Vice President Es’hagh Jahangiri is planned to visit Armenia at the official invitation of Armenian Prime Minister Hovik Abrahamyan in the near future.

Iran and Armenia signed an official contract in 2004 over the export of Iranian gas to the country. The annual capacity of the Iran-Armenia Natural Gas Pipeline is about 2.3 billion cubic meters. Under the agreement, Iran’s exported gas will be used in Armenia’s power plants and the country will in turn import electricity from Armenia.

According to reports, Iran and Armenia are now building a third high-voltage electricity transmission line which is planned to be completed by 2018.

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.

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