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We attach particular importance to our relations with Armenia which are based on both cultural cooperation and cooperation that became stronger with time. The construction project of Meghri hydroelectric power plant (HPP) is a bright evidence of it, Iranian Energy Minister, Iranian Co-Chair of Armenian-Iranian intergovernmental commission on economic cooperation Majid Namjoo said during the foundation laying ceremony of Meghri HPP.

The Iranian Minister noted that Iran has a rich experience of cooperation with its neighboring countries, in particular, with Turkmenistan, in reservoir construction, and construction of Meghri HPP is the first attempt to implement a joint project with Armenia.

The main works will be implemented by a private Iranian company. Local Armenians will also participate in the construction works, said Majid Namjoo.

The construction of Meghri HPP will be implemented by the Iranian Tavan Ab Araz Company, as part of an agreement signed between Armenia and Iran on October 15, 2010. The Iranian company will solve the financing problem and all organizational problems concerning the construction and operation of the HPP. The Armenian government will help the company get all necessary permissions and licenses.

Majid Namjoo stated that after 15-year period expires, Meghri hydroelectric power plant will be transferred to Armenia.

According to the prognoses of Armenian Minister of Energy and Natural Resources Armen Movsisyan, if transferred to Armenia, the power plant will provide 10-12 percent of the electricity generated in the country.

Presently, Armenian power companies generate about 6.5 billion kWh of electricity per year.