We propose creating large energy system with Iran – Narek Karapetyan

In recent years, production and industry in Armenia’s regions have declined, Narek Karapetyan, coordinator of the “Our Way” movement, said during the presentation of businessman Samvel Karapetyan’s five-step economic program.

“We have proposed building an oil refinery in Armenia, which will bring oil at almost half the price and process it locally. This would be an enterprise with an annual turnover of about half a billion dollars,” Karapetyan said.

He also addressed the issue of gas imports, noting that Armenia spends around half a billion dollars annually on imported gas, despite having opportunities for cooperation with Iran.

“We have a ‘gas-for-electricity’ agreement with Iran. We propose to use the gas received from Iran to build thermal power plants. Iran does not have access to these technologies due to restrictions, but Armenia does. In this way, we can create a large energy system on the border with Iran, which will bring our country about half a billion dollars annually. This is comparable to the size of the pension fund,” Karapetyan said.

According to him, by creating a large industrial and generating potential, Armenia will have almost free gas.

Narek Karapetyan also outlined the main points of Samvel Karapetyan’s economic program.

Step 1: Create 300,000 new jobs in Armenia.
Step 2: Exempt small businesses from taxes to allow them to grow.
Step 3: Ensure lower prices for medicines in Armenia.
Step 4: Establish procurement centers.
Step 5: Provide 20,000 new affordable apartments for young, large families, permanently solving the housing issue.