Minister of Energy and Natural Resources Armen Movsisyan told journalists that the 300-km pipeline will pump Iranian oil products including gasoline and diesel fuel into Armenia.
In December 2008 Iran and Armenia reached an agreement in a number of fields including energy, oil, petrochemistry and tourism.
"The pipeline would be a safe route for importing oil products to Armenia that will increase security of energy supply and decrease the cost of fuel import," Movsisyan said on Tuesday.
Iran and Armenia have also inaugurated a 140-km gas pipeline intended to reduce Yerevan's reliance on Russian gas. The 220-million-dollar project was launched in March 2007.
Russia's recent row with Ukraine, which disrupted gas flow to Europe during Christmas holidays, triggered many countries to consider alternative sources of energy in a bid to cut their dependency on Russia.
Based on agreements signed by Iran and Armenia, for each cubic meter of Iranian gas, Armenia will return 3 kilowatt of electricity to Iran.
Press.ir
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