A working meeting on resumption of talks regarding construction of oil pipeline from Iran to Armenia is planned in near future, according to Armen Movsisyan, Minister of Energy and Natural Resources of Armenia.

“Construction of oil pipeline depends on a range of factors, namely, unpredictable fluctuations of world oil prices. When oil prices started to fluctuate at world markets, naturally, in this period the Iranian side forbore unless the situation clarified,” the Minister told a press conference in Yerevan.

In February 2011, Mr.Movsisyan said that construction of the oil pipeline will start in 2011 and is expected to be finished in 2014. Pipeline operation contract will be concluded for the period of 25 years. Construction of Armenia-Iran pipeline will be funded on both sides, with Armenia allocating $100mln to the project. It will allow Armenia to export oil products both from Iran and the Persian Gulf, a major market for petroleum products.