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ARMENIAN GOVERNMENT CLOSE TO CANCELING SALE OF VOROTAN HYDRO CASCADE - NEWSPAPER
June 24, 2014 | 08:05
YEREVAN. - The Government of Armenia is very close to canceling the
sales transaction of the country's Vorotan Hydro Cascade, Haykakan
Zhamanak daily reported.
"Accordingly, the [respective] final decision may be made at any time.
"On January 29, the American ContourGlobal Hydro Cascade company
and the Armenian government signed an agreement, according to which
the American company was to pay $120 million for the Vorotan Hydro
Cascade and make a $70 million investment.
"According to this contract, the deal was to be completed by mid-April,
but it has not been completed and the amount is not paid to this
day. Neither the American party nor the Armenian government provides
thorough explanations as to what problems have arisen.
"According to the unofficial viewpoint coming from the government, the
cancelation of the business deal has external political and internal
power motives, and not economic. It [the Vorotan Hydro Cascade] is
the Armenia energy system's sole entity which a non-Russian company
was to acquire," Haykakan Zhamanak wrote.
The Vorotan Hydro Cascade comprises three electric power plants. The
Government of Armenia was the 100-percent shareholder of the Vorotan
Hydroelectric Power Plant. On November 27, 2013, the Public Services
Regulatory Commission of Armenia had confirmed the deal to sell the
Vorotan Hydro Cascade to the American ContourGlobal company.
News from Armenia - NEWS.am
June 24, 2014 | 08:05
YEREVAN. - The Government of Armenia is very close to canceling the
sales transaction of the country's Vorotan Hydro Cascade, Haykakan
Zhamanak daily reported.
"Accordingly, the [respective] final decision may be made at any time.
"On January 29, the American ContourGlobal Hydro Cascade company
and the Armenian government signed an agreement, according to which
the American company was to pay $120 million for the Vorotan Hydro
Cascade and make a $70 million investment.
"According to this contract, the deal was to be completed by mid-April,
but it has not been completed and the amount is not paid to this
day. Neither the American party nor the Armenian government provides
thorough explanations as to what problems have arisen.
"According to the unofficial viewpoint coming from the government, the
cancelation of the business deal has external political and internal
power motives, and not economic. It [the Vorotan Hydro Cascade] is
the Armenia energy system's sole entity which a non-Russian company
was to acquire," Haykakan Zhamanak wrote.
The Vorotan Hydro Cascade comprises three electric power plants. The
Government of Armenia was the 100-percent shareholder of the Vorotan
Hydroelectric Power Plant. On November 27, 2013, the Public Services
Regulatory Commission of Armenia had confirmed the deal to sell the
Vorotan Hydro Cascade to the American ContourGlobal company.
News from Armenia - NEWS.am