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news.am, Armenia
Aug 27 2011
Fifth unit of Hrazdan HPP may be put into operation - newspaper
August 27, 2011 | 12:20
YEREVAN.- The fifth energy unit of Hrazdan hydro power plant will be
put into operation this year, Aravot newspaper writes referring to its
sources close to the Armenian Government.
`The fate of the first loan of the Third Republic is associated with
this power unit. The loan agreement was signed in 1993 amounting to
$57.4 million. The loan was granted by European Bank for
Reconstruction and Development.
Construction of the unit was launched in 1987, but was suspended after
the collapse of the Soviet Union. Based on the calculations it was
forecasted that the amount would be sufficient to complete the
construction and plant will be an alternative to the closed NPP.
However, in 1996 the entire amount was spent, while construction was
not completed.
Inspections conducted by the Prosecutor's Office and the Ministry of
Finance revealed that most likely the most serious fraud and
inappropriate expenditures were related to this project. Inspection
also revealed a $1 million shortage of equipment.
Prosecutor's Office opened a number of criminal cases,' the newspaper writes.
Aug 27 2011
Fifth unit of Hrazdan HPP may be put into operation - newspaper
August 27, 2011 | 12:20
YEREVAN.- The fifth energy unit of Hrazdan hydro power plant will be
put into operation this year, Aravot newspaper writes referring to its
sources close to the Armenian Government.
`The fate of the first loan of the Third Republic is associated with
this power unit. The loan agreement was signed in 1993 amounting to
$57.4 million. The loan was granted by European Bank for
Reconstruction and Development.
Construction of the unit was launched in 1987, but was suspended after
the collapse of the Soviet Union. Based on the calculations it was
forecasted that the amount would be sufficient to complete the
construction and plant will be an alternative to the closed NPP.
However, in 1996 the entire amount was spent, while construction was
not completed.
Inspections conducted by the Prosecutor's Office and the Ministry of
Finance revealed that most likely the most serious fraud and
inappropriate expenditures were related to this project. Inspection
also revealed a $1 million shortage of equipment.
Prosecutor's Office opened a number of criminal cases,' the newspaper writes.