The deal was signed during visit by Iranian Energy Minister Hamid Chitchian to the Armenian capital with his counterparts from the three countries.

Once fully implemented, the agreement will make it possible for Iran to connect its power grid to Russia.

Officials in Tehran have already announced that the most important precondition for this is to synchronize the grids of Iran and Armenia. They have emphasized that both countries have agreed to make the required arrangements to do this in the nearest time possible.

Armenia and Iran are planning to complete their third power transmission line in less than two years, a senior Armenian energy official announced on Wednesday.

‘The construction of the third Armenia-Iran power line will take 18 months to complete,’ Armenian Deputy Energy and Natural Resources Minister Hayk Harutyunyan said.

He reiterated that the third power transmission line will allow Armenia and Iran to increase the amount of their swap deal of gas for electricity.

In August, Yerevan and Tehran signed an agreement on the construction of the third power transmission line between the two countries. The cost of the project is about $120 million.