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. Last Updated: 07/27/2016

Armenia to Build Gas Pipeline to Iran

LONDON -- Gazprom's Armenian venture plans to start within a month building a natural gas pipeline from Iran to import the fuel to Armenia, Vremya Novostei reported, citing Karen Karapetyan, the head of the Armenian unit.

Armrosgazprom, a venture between Armenia's government and Gazprom, doesn't plan to extend the pipeline beyond Armenia into Azerbaijan, the newspaper reported.

The link is scheduled to be finished by 2007 and will initially pump 1.1 billion cubic meters of gas per year to Armenia. Shipments will rise to 2.3 bcm per year from 2019 under a 20-year contract.

The project will need between $200 million and $250 million of investment, the paper said. Armenia will pay for part of the gas supplies by exporting electricity to Iran, the paper said.

Iran holds the world's second-largest natural gas reserves.