EghtesadOnline: Iran is willing to supply more natural gas to Armenia provided it can export more electricity in exchange, the managing director of National Iranian Gas Company said.
"As per the contract, Tehran receives 3.2 kilowatt-hours of electricity from Yerevan in exchange for 1 cubic meter of natural gas," Hamidreza Araqi was quoted as saying by Mehr News Agency on Sunday. A 20-year contract was reportedly signed in 2004 and took effect in mid-2009. Iran's natural gas is used by Armenian power plants to generate electricity. Pointing to Iran's readiness to export more gas to the neighboring state, Araqi noted that the pipeline that carry gas to Armenia has the capacity to transfer more strategic fuel, yet the country is not able to supply Iran with enough power in exchange. "We cannot raise export volume unless they are willing to pay for it," Financial Tribune quoted him as saying.