Iran offers Armenia energy line of credit

TEHRAN, April 14 (UPI) -- Meeting with the visiting Armenian energy minister Tuesday, Iranian finance officials pledged to support the energy sector in Armenia with a line of credit.

Armenian Energy Minister Armen Movsisyan met with Iranian Finance Minister Shamseddin Hosseini to discuss trade issues and Iran's offer of economic assistance, Iran's official Islamic Republic News Agency reports.

Movsisyan expressed his gratification for a line of credit offered through the Export Development Bank of Iran, saying the move was part of an expanding trade relationship between both countries.

Armenia in March announced it had begun construction on a 186-mile pipeline to bring oil products from the Tabriz refinery in northern Iran in exchange for electricity.

The project would bring 81 billion cubic feet of natural gas from refineries in Tabriz each year, which is about the same amount Armenia imports from Russia currently through Georgia.

Movsisyan was part of a high-level delegation from Armenia that arrived in Tehran on Monday to discuss bilateral ties.