Iran and Armenia are considering to expand a swap agreement that allows Iranian natural gas exports to Armenia in exchange for electricity, Neftegaz reported.

The two countries launched a commercial scheme almost a decade ago, which allowed Iran to provide up to 500 million cubic meters of gas to Armenia every year, with the later providing Iran with electricity.

Iran is ready to increase gas supplies and also accept other Armenian goods as a form of payment, according to Iranian Energy Minister Reza Ardakanian.

Armenia is establishing a third high-voltage transmission line to connect Armenian and Iranian power grids.

Beside Iranian imports, Armenia buys around 2 billion cubic meters of natural gas that mostly come from Russia.