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Armenia, Iran presidents to attend gas pipeline launch

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The presidents of Iran and Armenia will attend Monday a ceremony to put into operation a natural gas pipeline linking the Islamic Republic and the Caucasus state, the Armenian leader's press office said.
YEREVAN/TEHRAN, March 19 (RIA Novosti) - The presidents of Iran and Armenia will attend Monday a ceremony to put into operation a natural gas pipeline linking the Islamic Republic and the Caucasus state, the Armenian leader's press office said.

Under the current agreement, Iran is to deliver 36 billion cubic meters of natural gas to Armenia over the next 20 years, subject to a possible five-year extension and an increase in deliveries to 47 billion cubic meters.

Armenia plans to use all of the gas to produce electricity for subsequent export to Iran, as well as for domestic consumption.

The construction of the 141-kilometer (90-mile) pipeline from Iran began in 2004. It has a price tag of about $210-220 million, including $120 million for the Armenian section.

Iran issued a $28.2 million loan to Yerevan under the project to be repaid within five years since the launch of the pipeline.

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