Iran and Armenia have agreed to increase trade of gas and electricity (Source: Public Radio of Armenia)

YEREVAN (Public Radio of Armenia)—Iranian Oil Minister Bijan Zanganeh said on Sunday that talks with Armenian officials concluded with a decision to increase gas and electricity imports, Mehr News Agency reports.

After meeting with Armenian Minister of Energy and Natural Resources Yervand Zakharyan on Sunday, Iranian Oil Minister Bijan Zanganeh said the two sides held talks on boosting Iran’s gas exports to Armenia and in turn receiving an increase in electricity imports from the country.

Noting that the framework of cooperation between the two countries would remain the same as before, Zanganeh added the details of the rise in Iran-Armenia transactions will be further discussed by the two sides.

The Iranian minister also added that First Vice President Eshagh Jahangiri is planning to visit Armenia at the official invitation of Armenian Prime Minister Hovik Abrahamyan in the near future.

Iran and Armenia signed an official contract in 2004 over the export of Iranian gas to the country. The annual capacity of the Iran-Armenia Natural Gas Pipeline is about 2.3 billion cubic meters. Under the agreement, Iran’s exported gas will be used in Armenia’s power plants and Armenia will in turn import electricity to Iran.

Earlier this September, Armenian Deputy Energy and Natural Resources Minister Areg Galstyan said current annual exports of electricity—1.8 billion KWh—can be increased to 6.9 billion KWh.

According to reports, Iran and Armenia are now building a third high-voltage electricity transmission line which is planned to be completed by 2018.