Iran, Armenia, Russia Investigating Joint Oil Project

YEREVAN (Combined Sources)–Iran, Armenia and Russia are reportedly investigating entering into a joint venture to construct an oil project including an oil refinery in Armenia with an estimated price tag of $2.5 billion to $3 billion that will largely benefit Iran, Iran’s ISNA news agency reported Friday, citing Armenian energy minister Armen Movsisyan.

According to Movsisyan, a trilateral special commission has been set up to examine the feasibility of building an oil refinery in Armenia. If an oil refinery is built it will produce 7 million tons oil per year.

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