Hamid Chitchian said on the sidelines of the ceremony of signing the agreement of the 12th Iran-Armenia economic committee in Tehran that 4 committees had been formed on different fields of transportation, banking, finance and investment, urban development, tourism, culture, agriculture, water, oil and gas, health, and environment.
A special committee will monitor the construction of Magri Hydroelectric Power Plant on River Araxes, he noted.
Chitchian further said that Tehran and Yerevan will cooperate in different economic fields which include environmental issues over River Araxes, electricity transfer lines, railroad to Armenia, as well as mine exploration and operation.
"The recent round of talks brought about important agreements, which will result in the expansion of commercial and economic cooperation in the near future,” Chitchian added.
His Armenian counterpart Yervand Zakharyan expressed satisfaction with the deals and expressed hope that most articles of the deal, the Magri hydroelectric power plant in particular, will soon operation phase.
"Armenia and Iran are now on energy exchange of over 1 billion kWh per year, but, we hope that the amount will go up significantly,” he stated.
Further providing comments on the agreement signed to construct the Magri Power Plant, Zakharyan maintained that preliminary studies over the project hve to be over by 2015, and that the operation phase would start in 2015 or 2016 and is to last for five years.