TEHRAN - The National Iranian Gas Company (NIGC) has renewed and revised a contract with Armenia to increase the volume of natural gas exports to the landlocked neighboring country until 2030, Shana reported.

The terms of the contract, under which Iran exports natural gas to Armenia in exchange for electricity, have been revised so that the energy exchange ratio is significantly improved in favor of the NIGC.

The contract was finalized this week during a ceremony in Yerevan attended by senior officials from both countries, including NIGC Head Majid Chegeni, Iran’s ambassador to Armenia Mehdi Sobhani, and Aram Ghazaryan, the CEO of the Yerevan Thermal Power Plant.

The preliminary agreement to extend the gas-for-electricity swap deal was worked out during Armenian Prime Minister Nikol Pashinyan’s visit to Tehran in November last year.

Officials say the Iran-Armenia gas pipeline has the capacity to transfer over one billion cubic meters of natural gas to Armenia every year.

EF/MA

Photo: Senior officials from Iran and Armenia pose for a photo after extending a gas-for-electricity deal in Yerevan on August 15.