LONDON (Dow Jones)–Armenian Minister of Energy Gagik Martirosyan said Thursday that Gazprom joint-stock company has agreed to take part in the construction of a gas pipeline between Iran and Armenia–according to the Snark News Agency–monitored by the BBC.
The Gazprom joint-stock company will participate in this project as one of the founders of a gas company which is being set up in Armenia–sources told the Snark News Agency.
Along with Russian gas employees–the French company Gaz de France has given its consent in principle to participate in the project–according to the agency report.
However–the project is facing financial difficulties–still requiring $120 million. A technical feasibility study is being drawn up–on the basis of which a three-phase financing of the project is planned. A total of $16 million is to be invested in the first stage–$80 million in the second and $24 million in the third.
The Armenian government’s inability to finance the project is linked with international sanctions against Iran–the report said.