Iran to increase natural gas supplies to Armenia

YEREVAN, February 21. /ARKA/. Every year, 365 million cubic meters of natural gas are imported from Iran to Armenia as part of the natural gas for electricity swap agreement, Deputy Chairman of the Armenian parliamentary committee on regional and Eurasian integration Vagharshak Hakobyan said today.

Iran’s Oil Ministry said in November 2022 that Iran and Armenia renewed a contract for swap of Iranian gas for Armenian electricity during Armenian Prime Minister Nikol Pashinyan’s official visit to Iran. Under the new agreement, gas supplies from Iran to Armenia will grow to 2 million cubic meters per day.

Speaking at a discussion in the parliament today of the prospects for the development of the Armenian-Iranian trade and economic relations, Hakobyan noted that over the past three years, the volume of mutual trade between Armenia and Iran has been demonstrating a dynamic growth trend.

According to Armenia’s National Statistical Committee, the trade turnover between Armenia and Iran in January-October 2022 amounted to about $565.5 million, an increase of 45.3%. Armenian exports to IRI totaled about $92 million, an increase of 82.4% year-on-year, while imports from Iran grew by 39.1% to $474.3 million. 

Vagharshak Hakobyan noted also that the third Armenia-Iran high-voltage power transmission line under construction is also of strategic importance, since it will significantly increase the volume of electricity supplies from Armenia to Iran.

As part of gas for electricity swap deal Armenia has been receiving natural gas from Iran since 2009, which is converted into electricity here and is shipped back to Iran- 3 kWh of electricity for one cubic meters of natural gas.. -0-