The construction of a new Iran-Armenia oil pipeline will begin later this year, Armenian Deputy Energy and Natural Resources Minister Ara Simonyan stated at Budget-2011 discussions in the Armenian Parliament.

According to him, the project is being implemented in bilateral format (Armenia-Iran). He noted that further progress will be registered during Armenian Premier’s visit to Iran on October 25, as the shareholders had already signed an agreement.

“The project estimated at several billion dollars. It was put off due to crisis, but not cancelled,” Simonyan said.

The length of Tabriz-Aragats oil pipeline is 110 km on Iran’s territory and 265 km on Armenia’s respectively.