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Iranian Energy Minister Hamid Chitchian announced that Tehran and Yerevan have finalized an agreement on the construction of a hydroelectric power plant in Armenia, Iran’s Fars News Agency reports.

"The Memorandum of Understanding (MoU) for building a hydroelectric power plant in Armenia has been finalized and the Iranian companies will start construction of the power plant soon," Chitchian said in Tehran on Monday.

Elsewhere, he noted the hi-tech and international reputation of Iranian water and power firms, and said Iranian water-management and power plant construction companies are active in 41 world states and even export a large amount of related products to other countries.

Iran and Armenia have taken major strides towards widening and deepening of their relations in recent years, particularly in the economic sector.

Chitchian and his Armenian counterpart Yervand Zakharyan in a meeting in Tehran in October voiced their countries' willingness to enhance bilateral relations, particularly in the energy exchange sector.

During the meeting, Chitchian said that there had been good cooperation between the two countries over the past two decades in the field of energy.

He said the two sides agreed to launch the third energy transfer line between Iran and Armenia and construction of two hydro-electric power plants on both sides of the Aras River.

The Armenian minister, for his part, expressed the hope that work on the projects would begin soon.

Zakharyan said that once these projects come on stream, energy exchange between Iran and Armenia would increase two or three folds.