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SURGING OIL PRICES CAUSE FREEZING OF IRAN-ARMENIA PIPELINE PROJECT
Interfax
July 13 2011
Russia
Armenia and Iran have put a temporary hold on the construction of
an oil-product pipeline from Tebriz in Iran to Yeraskh in Armenia
because of spiking world oil prices, Armenia's Energy and Natural
Resources Minister Armen Movsisyan told reporters on Wednesday.
"Prices are unpredictable, and this does not allow us and our Iranian
colleagues to implement the project," Movsisyan said. Discussion of the
project can only be resumed "only after world oil prices stabilize,"
he said.
Movsisyan had said earlier that pipeline construction might begin
this year. Armenia intends to import Persian Gulf oil products both
transiting and originating in Iran.
Preliminary figures indicate the construction in Armenia will cost
around $100 million, and the entire pipeline from $250 million to
$260 million. It will be technically possible to move 750,000 tonnes
of gasoline and a like amount of diesel fuel through the pipeline.
Domestic fuel consumption in Armenia runs to around 450,000-500,000
tonnes annually.
Interfax
July 13 2011
Russia
Armenia and Iran have put a temporary hold on the construction of
an oil-product pipeline from Tebriz in Iran to Yeraskh in Armenia
because of spiking world oil prices, Armenia's Energy and Natural
Resources Minister Armen Movsisyan told reporters on Wednesday.
"Prices are unpredictable, and this does not allow us and our Iranian
colleagues to implement the project," Movsisyan said. Discussion of the
project can only be resumed "only after world oil prices stabilize,"
he said.
Movsisyan had said earlier that pipeline construction might begin
this year. Armenia intends to import Persian Gulf oil products both
transiting and originating in Iran.
Preliminary figures indicate the construction in Armenia will cost
around $100 million, and the entire pipeline from $250 million to
$260 million. It will be technically possible to move 750,000 tonnes
of gasoline and a like amount of diesel fuel through the pipeline.
Domestic fuel consumption in Armenia runs to around 450,000-500,000
tonnes annually.