YEREVAN. - Iranian consortium of private sector will invest $571 million in two Armenian projects for the transmission lines between the two states, Iran Daily reports. The investments will raise the power of hydroelectric power plant on the River Araks to 1.7 gig watt annually.

The agreement was reached during the Iranian President Mahmoud Ahmadinejad’s recent visit to Armenia.

Iranian Minister of Energy Majid Namjoo stated that Iran will build a pipeline to transfer gas to Armenia and will import energy from neighboring state.

Earlier Iranian FM Ali Akbar Salehi has told that Armenian and Iranian sides have agreed on the trade list, which will be exchanged on the lowest tariff and to enlarge the trans-border deals, Press TV reports. Besides, Armenia is an important neighbor of Iran.