Unpredictability of world oil prices impedes construction of Iran-Armenia pipelineJuly 13, 2011 - 18:42 AMT PanARMENIAN.Net - A working meeting on resumption of talks regarding construction of oil pipeline from Iran to Armenia is planned in near future, according to Armen Movsisyan, Minister of Energy and Natural Resources of Armenia. “Construction of oil pipeline depends on a range of factors, namely, unpredictable fluctuations of world oil prices. When oil prices started to fluctuate at world markets, naturally, in this period the Iranian side forbore unless the situation clarified,” the Minister told a press conference in Yerevan. In February 2011, Mr.Movsisyan said that construction of the oil pipeline will start in 2011 and is expected to be finished in 2014. Pipeline operation contract will be concluded for the period of 25 years. Construction of Armenia-Iran pipeline will be funded on both sides, with Armenia allocating $100mln to the project. It will allow Armenia to export oil products both from Iran and the Persian Gulf, a major market for petroleum products. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |