Iran to invest 571 million USD in Armenian electricity projects
18.05.12
TEHRAN, Dec. 26 (Xinhua) -- An Iranian private sector consortium will invest 571 million U.S. dollars in two projects in Armenia for commissioning the power transmission line between the two countries, the semi-official Mehr news agency reported Monday.
The investment will boost the bordering Aras River hydraulic power plant's capacity to 1.7 gigawatts per year, said the report.
The agreement followed Iranian President Mahmoud Ahmadinejad's visit to Armenia on Friday, during which the two sides agreed to build hydraulic power plants on Aras River.
Iranian Energy Minister Majid Namjou said that Iran will establish a pipeline to transfer gas to Armenia and, in return, will import electricity from the neighboring country.
Armenian officials said Ahmadinejad arrived in Yerevan on Friday for an official visit, but stopped short of giving any information on the purposes of the trip.
Iranian Foreign Minister Ali-Akbar Salehi said Sunday during Iranian president's
Source: People's Daily Online