Tehran - Export Development Bank of Iran (EDBI) signed a contract for building the third electricity transfer line of two circuits 400 kilo volts by Armenian Hayoun Company .
The EDBI financed the project for 83 million euro.
The agreement was signed by EDBI Managing Director Ali Salehabadi and Managing director of Hayoun Company Ananian on Sunday afternoon.
According to the contract, the EDBI will supply 83 million euro from 107.900 million euro of the total cost of the project.
The project will be ready in a period of 18 months to exchange electricity between Iran and Armenia.
Salehabadi said that the two countries have had good cooperation in the fields of gas and electricity.
He added that execution operation will begin by Iranian company of Sunir.
Ananian said that senior officials of both countries have underlined signing of the contract which has been suspended since three years ago.
He added that current transferring lines have only 300 megawatts capacity and they could not be used more for exchanging electricity.
Managing director of Hayoun Company said that by execution of the third line, electricity transfer of two circuits 700 kilovolts between the two countries would be provided and the two states can exchange totally one thousand megawatts electricity.
He said that by building the third line between Iran and Armenia, the Iranian electricity national grid will be connected to the Armenia, Georgia, Russia and Turkey.
© IRNA 2015
