Armenia and Iran have signed a memorandum of understanding (MoU) to extend the 'gas for electricity' deal whereby Armenia exports electricity to Iran in return for natural gas.

Armenian PM Nikol Pashinyan announced the deal at a meeting today with Iranian President Ebrahim Raisi in Tehran.

In May of this year, Iran increased natural gas supplies to Armenia in a swap deal dating to 2009 whereby the gas is converted to electricity and shipped back to Iran.

Earlier today, Armenian Minister of Territorial Administration and Infrastructures Gnel Sanosyan and Deputy Minister of Oil of Iran, Director of the National Gas Company Majid Chegeni signed a memorandum of understanding on cooperation in the field of natural gas.

The sides, according to an Armenian government press release, also discussed Armenian-Iranian relations and steps to expand trade and economic ties, particularly in agriculture, construction and energy.

Pashinyan thanked Raisi for creating favorable conditions for the Armenian community in Iran and noted that the friendly ties between Yerevan and Tehran are a great example of cooperation between Christian and Islamic civilizations.

Pashinyan thanked the Iranian government for its principled stance regarding Armenia’s territorial integrity and presented Raisi with a summary of what was discussed at yesterday’s meeting in Sochi between himself, Russian President Putin and Azerbaijani President Aliyev.

Pashinyan also invited Raisi to Armenia to continue their conversation.