YEREVAN. - Further development of mutually beneficial partnership between Russia and Armenia in the energy sector is designed to promote the agreements reached on a formula for pricing and volumes of supplies of Russian natural gas to Armenia, said Russian President Vladimir Putin at a press conference in Yerevan following his meeting with Armenian President Serzh Sargsyan on Monday, Armenian News-NEWS.am reports.

“Our cooperation in nuclear energy sector further develops. Our plans include extension of existing power bloc of Armenian NPP,” said Vladimir Putin.

Russian head of state reminded that together with his Armenian counterpart he was present at the commercial operation of the fifth unit of the Hrazdan thermal power plant.

“The volume of investments of Gazprom is over $300 million. I asked the chairman of Gazprom and he said it is more than three hundred [million]. In fact, it is over four hundred. I am sure that the work of the station will strengthen Armenia’s energy security,” said President Putin.

During the negotiations an agreement was reached to give priority support to joint initiatives in high-tech industries. This includes creation of a spacecraft for communications and broadcasting in Armenia, as well as the organization of space research based on Armenian Byurakan Observatory.

Vladimir Putin emphasized actively developing cooperation in the field of education: successfully operating Russian-Armenian University and support to schools with Russian language studies. In the near future it will also include the opening in Yerevan Russian language school, a branch of the Moscow State University named after Lomonosov.

“We intend to contribute to the further expansion of tourist exchanges. Last year more than 40 thousands Russians, which is by 17 percent more, visited Armenia,” Putin added.

According to the President of the Russian Federation, there is a wide potential for cooperation between regions of the Russian Federation and Armenia.