Russia’s gas monopoly will take part in the construction of an oil pipeline Iran-Armenia, Gazprom’s Deputy Board Chairman Valeriy Golubev said on Monday.
“This is a realistic project and we will take part in it,” Golubev told media while visiting the Hrazdan thermal power plant in Armenia.
According to him, Gazprom will take part in the construction through its subsidiary – closely held joint-stock company ArmRosGazprom, which has a monopoly on the supply and distribution of Russian natural gas on the Armenian market. (Natural gas is delivered to Armenia by way of transit via Georgia.)
As to plans for the construction of an oil refinery in the territory of Armenia that have been discussed for several years, Golubev said the project has been put on hold because of its unprofitability.
The press service of the Ministry of Energy and Natural Resources of Armenia earlier reported that a joint Armenian-Iranian task group was completing technical work on establishing the diameter of a future oil pipeline from the refinery in the Iranian city of Tabriz to the Armenian city of Yeraskh.
Armenia, Iran and Russia take part in the pipeline construction. The estimated cost of the project is $200-$240 million, according to RIA Novosti.