The contract was signed in a ceremony attended by Iran’s Deputy Oil Minister and Managing Director of the National Iranian Gas Company (NIGC) Majid Chegeni, Iranian Ambassador to Yerevan Mehdi Sobhani, Yerevan Thermal Power Plant CEO Aram Ghazaryan, and Armenia’s Minister of Territorial Administration and Infrastructures Gnel Sanosyan.

Under the extended deal, the ratio of bartering gas with electricity was amended in favor of NIGC.

The initial agreement on the new contract was reached during Armenian Prime Minister Nikol Pashinyan’s visit to Tehran in November 2022, and the document was finalized on August 10.

Iran’s pipeline for exporting gas to Armenia has an annual transmission capacity of over one billion cubic meters (bcm).