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Regional

Armenian Government tries to repay its debts by transferring state-owned enterprises' assets to a U.S. company

  • by Arthur Yernjakyan

  • Friday, July 25, 06:06

 On July 24, the Armenian Government took a decision to transfer part of the assets of Nairit Plant and "Nairit-2" State Research Institute CJSC into the ownership of "Vorotan Hydro Cascade" CJSC.   

The draft decision was presented by Deputy Minister of Energy and Natural Resources of Armenia Levon Shahverdyan. He said that these enterprises' assets belong to the state-owned "Armgazprom" CJSC (which does not operate now) and are transferred against the 8.451 bln AMD debt. In particular, 53.27% of Nairit- 2's shares and 3,5967% of Nairit Plant's shares will be transferred to Vorotan Hydro Cascade at the balance cost of 7.320 bln AMD and 983.4 mln AMD, respectively. 

To note, "Vorotan Hydro Cascade" CJSC is being sold to Contour Global (USA). 

The Government of Armenia also decided to repay the debit debts to the Armenian Defense Ministry by transferring the assets of the Tekh-Stepanakert gas pipeline between Armenia and Nagorno-Karabakh, as well as 46.73% of "Nairit-2" CJSC's shares. 

"Armgazprom" CJSC was founded in 1998. Later the company's assets and gas transmission infrastructure were transferred to "ArmRusgasprom" CJSC, currently Gazprom Armenia, and the debts remained on Armgazprom's balance-sheet. 

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