Armenian Minister of Energy and Natural Resources Armen Movsisyan said that the construction of Iran-Armenia oil pipeline will kick of in fall.

The oil pipeline's cost is estimated to total $160-180mln, with the countries to finance 50% each, Movsisyan told journalists on July 14.

"There is an agreement with Iran that it will invest in the project implementation, while Armenia will be paying its part upon receipt of dividends," noted Movsisyan.

Petrol and diesel fuel will be piped to Armenia. The pipeline construction will allow solving several problems: first, fuel will be purchased by prices of the Persian Gulf that are $15-20 lower as compared with other prices; second, transportation costs will be 3-4 times lower, what is an advantage of this transit as compared with other transportation means (vehicle, railway, etc.)