Friday, March 18 2016 16:25

ArmInfo. The Board of the Eurasian Economic Commission (EEC) has approved a draft decision on exempting from import customs duties the equipment and components imported to Armenia for construction of the third Iran-Armenia electric power transmission line.      

According to the draft decision, to get tariff privileges, the importers are to submit confirmation of the intended end-use of the imported goods to the customs bodies of the Republic of Armenia. The measure will help Armenia carry out the international commitments regarding the construction of the third Iran- Armenia power transmission line. 

To recall, on August 9, Iran and Armenia signed a contract for the construction of the third power transmission line that will enable the two countries to exchange more electricity. The contract was signed by Ali Salehabadi, managing director of the Export Development Bank of Iran (EDBI), and Aram Ananian, managing director of Armenia's High Voltage Electricity Network (HVEN) company in Tehran. According to the contract, EDBI will provide 83 million EUR of the total 107.9 EUR million needed to build the power line. The remaining 23% of the amount will be provided by Iranian Sanir Company. HVEN signed a contract on it with Sanir on August 12.  The project is scheduled to be implemented in 24 months to pave the way for the exchange of electricity between Iran and Armenia.   The power lines will extend 279km.  After construction of the third line, it would be possible for the two countries to exchange 700 MW of electricity, thus increasing total volume of power exchanged between the two sides to 1,000 MW. To recall, earlier the project cost was estimated at 107.9 million EUR. Iran was to provide the given amount in terms of a loan, including the 83.083 mln EUR loan signed in Sept 2011 and additional 24.817 mln EUR - in April 2012.  Under the loan agreement, the construction of the third power line was to be completed within 18 months since the moment of financing.   However, the construction was repeatedly postponed due to the West's sanctions against Iran.

The Eurasian Economic Commission (EEC) is the permanent regulatory body of the Eurasian Economic Union (EAEU). It launched its activities on February 2, 2012. The main purpose of the Eurasian Economic Commission is to ensure the functioning and development of the EEU and to develop proposals for the further development of integration. Currently there are five EEC countries: The Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation. The EEC has supranational regulatory body status and its activity is guided by the interests of the participating countries of the Eurasian Economic integration project in general, not motivating its decisions by any interests of national governments. Decisions of the Commission are obligatory for execution on the territory of the EEU Member States.