This contract was inked in Armenia’s capital of Yerevan on Tuesday in the presence of Deputy Oil Minister and CEO of the National Iranian Gas Company (NIGC) Majid Chegeni, Director of Yerevan Thermal Electricity Power Plant Aram Ghazarian and Iranian Ambassador to Yerevan Mehdi Sobhani, IRNA reported.
An initial agreement on the new contract had been struck in November 2022 following a visit by Armenia’s Prime Minister Nikol Pashinyan to Tehran.
After technical talks, the final document of the contract was finalized on August 10.
According to this report, Iran’s export of gas to Armenia is done within the framework of a bartering contract of energy between the two countries.
Under the new contract, Iran’s gas export volume to Armenia increases and the ratio of bartering gas with electricity is amended in favor of the NIGC.
Iran’s gas export pipeline to Armenia has an annual transmission capacity of more than one billion cubic meters.