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Iran Pools in $571 MN in Armenian Hydro-Project

  • A group of Iranian private sector will make an investment of $571 million in Armenia's two hydro-power projects, as per the reports. The announcement came following President Mahmoud Ahmadinejad's visit to Armenia on Friday. Both sides have agreed to build hydro-power plants on the Aras River.It is intended to boost the capacity of hydroelectric power plant to around 1.7 giga watts per annum.Iran will also set up a pipeline to supply gas to Armenia, and in return, Yerevan will give electricity to Iran.The pipeline is expected to cost $240 million.

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