YEREVAN — Armenia and Iran on Thursday signed an agreement to extend the term of the “natural gas for electricity” program by four years and increase its volumes.

The new agreement was signed at Armenia’s Ministry of Territorial Administration and Infrastructure between Aram Ghazaryan, Director General of Yerevan’s Thermal Power Plant, and Majid Chegeni, Deputy Minister of Oil of Iran and Director of the Islamic Republic’s National Gas Company.

Armenian Minister of Economic and Technological Development Gnel Sanosyan congratulated the parties on the extension of the agreement, emphasizing that it is “one of the best manifestations of Armenian-Iranian friendly relations.”

“The extension of the agreement is a profitable deal for both countries. With the extension of this agreement it is possible to increase gas imports and electricity exports, which will definitely have a positive effect on the economic development of both countries,” he said, according to an official press release.

Chegeni, in his turn, reportedly stressed that the new agreement will “give a new impetus to the development of Armenian-Iranian relations.”

Since 2009, Armenia has been importing natural gas from Iran and turning it into electricity at a local thermal power plant, supplying it back to Iran. The surplus of electricity obtained from one cubic meter of natural gas has remained in Armenia.

Under this scheme, the term of the agreement was to expire in 2026. With the agreement signed today, the period has been extended until 2030.

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