The two neighboring countries have in recent years discussed launching a third high voltage electricity transmission line.
Iran’s total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil. Heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
Iran-Armenia trade balance stood at $300 million. Iran exported USD 198 million worth of goods to its north-western neighbor in 2013, while Armenia sold USD 95 worth of commodities to the Islamic Republic.
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