Armenian side to allocate USD 100 million to Iran –Armenia pipeline construction

February 15, 2011 - 18:15 AMT

PanARMENIAN.Net - Iran-Armenia oil pipeline construction, scheduled to be completed in 2014, will allow Armenia to export oil products both from Iran and the Persian Gulf, a major market for petroleum products, according to Armenian Minister of Energy and Natural Resources.

As Armen Movsisyan stated at February 15 news conference, Persian Gulf market prices significantly differ from those at Mediterranean Sea, which will enable Armenia to dramatically decrease transportation expenses.

Construction of Armenia-Iran pipeline will be funded on both sides, with Armenia allocating USD 100 million to the project.

Pipeline operation contract will be concluded for the period of 25 years. As the Minister stated, Armenia’s internal need for oil products comprises 400 thousand ton a year.

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