April 12, 2012 - 11:55 AMT
PanARMENIAN.Net - On April 12, the Armenian government approved the technical regulations of the operation of Iran-Armenia oil pipeline.
In this context, Armenian Prime Minister Tigran Sargsyan attached importance to initial setting of technical regulations for the construction of the pipeline.
Iran-Armenia oil pipeline construction, scheduled to be completed in 2014, will allow Armenia to export oil products both from Iran and the Persian Gulf, a major market for petroleum products, according to Armenian Minister of Energy and Natural Resources.
Construction of Armenia-Iran pipeline will be funded on both sides, with Armenia allocating USD 100 million to the project.
Pipeline operation contract will be concluded for the period of 25 years. As Armen Movsisyan stated, Armenia’s internal need for oil products comprises 400 thousand tons a year.