12-09-08 According to the Armenian Industry and Energy Ministry, Iran, Armenia and Russia decided to investigate a joint oil pipeline construction project.
"At present, the trilateral special commission from Armenia, Iran and Russia on construction of an oil refining in Armenia, has commenced investigation to lay an oil pipeline," Armen Movsisyan, the Armenian Industry and Energy Minister, said.

The oil refining, which is expected to be built in Armenia, will produce 7 mm tons oil per year.
Construction costs are $ 2.5 bn to $ 3 bn.