The terms of the contract, under which Iran exports natural gas to Armenia in exchange for electricity, have also been revised, resulting in an improved energy exchange ratio in favor of the NIGC.
The contract was finalized this week during a ceremony in Yerevan attended by senior officials from both countries, including Majid Chegini, Iran’s deputy oil minister, Mehdi Sobhani, Iran’s ambassador to Armenia, and Aram Ghazaryan, the chief executive officer of the Yerevan Thermal Power Plant.
The preliminary agreement to extend the gas-electricity swap deal was worked out during Armenian Prime Minister Nikol Pashinyan’s visit to Tehran in November last year.
Officials say the Iran-Armenia gas pipeline has the capacity to transfer over one billion cubic meters of natural gas to Armenia every year.
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