Armenia-Iran oil pipeline construction will increase energy security of Armenia, according to deputy director of Noravank foundation.

During a news conference in Yerevan, Sevak Sarukhanyan characterized the pipeline as the second major Armenia-Iran project, noting that pipeline construction agreement might be signed during Iranian President Mahmoud Ahmadinejad’s visit to Armenia.

Sarukhanyan ruled out the possibility for U.S. to impose sanctions on Armenian companies involved in the project. “Armenian companies do not invest in Iran’s economy, which absolves them from sanctions imposed on the country by U.S.,” he explained.