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Iran’s energy minister and his Armenian counterpart underlined the need for the establishment of a third high voltage electricity transmission line, Iran's state-run news agency IRNA reported.

Hamid Chitchian, accompanied by his Armenian counterpart Yervand Zakharian told reporters on Monday that Iran in return for delivering natural gas to Armenia will receive electricity from the country at times of need.

He said with the establishment of the third high voltage electricity transmission line the transfer of energy will be increased and the increase in the amount of electricity will be influenced by the decisions which will be taken during talks of the Armenian side with Iran’s Oil Ministry.

Also speaking to reporters, Zakharian said at present economic transactions between the two countries stands at $300 million, adding that the figure is expected to increase by two fold during bilateral talks.

He said with the establishment of the third high voltage electricity transmission line which will become operational by 2018, the amount of electricity transmission will be increased two to three times and finally this will be effective in the expansion of bilateral economic exchanges.

Pointing to proper political relations between the two countries, the Armenian minister said the ties should become stronger in economic field, adding that presidents of the two countries have emphasized that economic relations should be further increased.

Meanwhile, addressing the inaugural ceremony of the 12th session of Iran-Armenia joint economic commission Chitchian said Iran will employ all capacities available for the development of bilateral relations and cooperation with Armenia.

Stressing that Iran’s principled policy in the region and the world is based on development of relations with most countries, especially the regional countries and the neighbors, Chitchian said good political relations between the two countries are not harmful for any regional country but rather will help more convergence in the region.

He further remarked that both Iran and Armenia enjoy cultural and historical commonalities and these common points and the policy of good neighborly relations have resulted in a progressing trend with the absence of any ups and downs in bilateral relations since the independence of Armenia to date.

The Iranian minister noted that in the past two years some problems ceased development of cooperation which has now been removed through efforts of the organizations involved in both countries.

“From now on further growth of the development of relations and cooperation between the two countries can be witnessed especially in economic sectors.”

Chitchian noted that natural resources such as water and mineral reserves in Armenia on the one hand and technical and engineering capabilities and great human assets of Iran on the other hand will pave the way for further development of ties between the two countries.

The 12th session of Iran-Armenia joint economic commission, hosted by Iran’s Energy Ministry, will continue for two days.