Iran’s gas export company an agreement has been reached with Armenia to bring about a threefold increase in Iran’s gas exports to the Caucasus region country.

Following an earlier power deal between Iran and Armenia over increasing the electricity exchange volume, the two countries have reached a new accord for boosting exports of natural gas, Mehr agency reported.

Estimations reveal that electricity and gas exchanges between Iran and Armenia will climb threefold the current amount.

Head of National Iranian Gas Exports Company (NIGEC) Alireza Kameli said Iran is now deploying one million cubic meters of natural gas to Armenia per day asserting “on the basis of the preliminary agreement, the figure will hit three million cubic meters overall.”

“The two sides are currently preparing the required infrastructure for boosting natural gas exchange,” stressed the official adding “the accord will soon become finalized and operational with more negotiations.”

Kameli pointed to the country’s gas production capacity reiterating “at the present time, there exist no limitations for increasing gas exports to Armenia.”