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Iran has exported 250 million cubic meters, or just over 1 million cubic meters per day, of natural gas to Armenia since the beginning of the current fiscal year on March 21, the managing director of Iranian Gas Transmission Company said on Saturday.

“Based on the contract, the country supplies gas to Armenia and imports electricity in exchange,” Saeed Tavakkoli was also quoted by Iranian news outlet Financial Tribune.

Tavakkoli added that gas is destined for Armenia via a 30-inch pipeline with a capacity of transporting 2.3 billion cubic meters of natural gas per annum. The official noted that the volume of gas exports in the previous fiscal year totaled 365 million cubic meters.

It is reminded, that a 20-year contract was reportedly signed in 2004 and took effect in mid-2009. According to the agreement, Iran's natural gas is used by Armenian power plants to generate electricity, which in return is exported to Iran. Tehran receives 3.2 kilowatt-hours of electricity from Yerevan in exchange for 1 cubic meter of natural gas.

Iran and Armenia's power grids are linked by two electricity lines and a third is under construction.

Meanwhile, Hamidreza Araqi, managing director of National Iranian Gas Company, said that the power line, to be completed by the end of next year, is part of an agreement signed by Iran, Russia, Armenia and Georgia to synchronize their power grids by 2019. Araqi noted that Iran's electricity exchange with Armenia would increase fourfold to around 1,200 megawatts, once the construction of the third power transmission line is complete.