“In today’s meeting with the Iranian minister, we decided to review the volume of electricity and gas exchange between Iran and Armenia,” he told Shana following his meeting with Petroleum Minister Bijan Zangeneh in Tehran.
“The third line can increase bilateral trade five times,” he added.
Zangeneh told reporters that Iran and Armenia are negotiating expansion of their energy cooperation with Iran increasing its export of gas to the neighboring Armenia and importing extra electricity in return.
“The details on the exchanges between Iran and Armenia will be discussed while the bilateral framework will be maintained,” he said.
Based on an agreement reached in 2004, in exchange for delivering natural gas to Armenia, Iran receives electricity from the country at peak demand season.
Iran’s total in-place oil reserves have been estimated at about 600 billion barrels, with above 157 billion barrels of recoverable oil.
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