Iranian Oil Minister Bijan Namdar Zanganeh met with Armenian Minister of Territorial Administration and Infrastructure Suren Papikyan on Sunday to discuss boosting gas exports to the country in return for importing more electricity, Shana reported.
In the meeting, Zanganeh underlined the energy sector as the most important aspect of the Iran-Armenia’s economic relations, saying that “exporting Iranian gas to Armenia in exchange for receiving electricity (bartering gas with electricity) is part of the cooperation between the two countries.”
Iran and Armenia signed a gas-for-electricity barter deal in 2004, based on which, for a 20-year period, Iran would export gas to Armenia to be consumed by the country’s power plants, and in return, Iran imports electricity from Armenia.
Armenia started importing gas from Iran since mid-2009.
Suren Papikyan visited Tehran on top of a delegation to attend the 19th Iran International Electricity Exhibition (IEE 2019).
Earlier on Saturday, Papikyan had said that Iran could act as an electricity hub in the region to connect Armenia to other nations like Iraq.
“Just as Armenia is a gateway for Iran's relations with Georgia and the Eurasian Union countries, naturally, Iran could also be a gateway for Armenia's greater connection with Iraq and other countries in the region,” he said.
Iran and Armenia have been cooperating for years in gas and electricity swap, and two-way economic and political ties have grown in tandem with an increase in trade.