Newsfeed

Public Services Regulatory Commission of Armenia imposes a 15mln AMD fine on Electric Networks of Armenia

Oppositionist: Interests and viewpoints of Stepanakert do not necessarily coincide with those of Yerevan

Oppositionist: Interests and viewpoints of Stepanakert do not necessarily coincide with those of Yerevan

Ashot Manuicharyan: Armenian President's function is to answer "yes, sir!" and to go do it

Deputy Prime Minister of Azerbaijan criticizes the ICRC again

Nature protection minister charges to resolve problems of several tailing dumps on Syunik region

Official stance of VTB Bank OJSC and VTB Bank (Armenia) CJSC on U.S. sanctions

RPA member: Nagorno-Karabakh Prime Minister's statement had no message to negotiators

Ashot Manucharyan: Armenia may face chaos or isolation at any moment

Armenia joins World Day against Trafficking in Persons

Lake Sevan is among top ten attractions in post-Soviet preferred by Russian people

Leyla Yunus is at Prosecutor General's Office, Arif Yunus decides to "give up"

Pre-Parliament: The overarching goal for all Armenians is the formation of a representative government in Armenia

The OSCE is ready to assist in any way possible to stop the cease-fire violations in karabakh conflict zone, Andrzej Kasprzyk says

US Department of State: Media outlets of Armenia published inaccurate articles portraying religious minorities as criminals and spies

Levon Hayrapetyan loses consciousness on Wednesday morning

Public Services Regulatory Commission decides to reduce tariffs of some services of ArmenTel CJSC

Poaching and illegal hunting tours endanger birds in Armenia

The NKR premier: The Madrid Principles are certainly unacceptable to us

Armenian Copper Programme cuts blister copper production by 13.5%

VTB Bank (Armenia) confirms its leadership in lending

EY takes employees of Armenian ancestry back to their roots

Levon Hayraptyan's health much worse

Vahagn Hovnanyan: Oligarchs have full control of Armenian economy

John Heffern believes that Nagorno-Karabakh conflict can be resolved only through peaceful talks

In Oct 2014 Armenia to join UN peacekeeping operation in Lebanon

ICRC car fired at on Armenian-Azeri border

Artashes Shaboyan: Reduction in consumer demand has a negative effect on supermarkets

Azerbaijan mounts another sabotage attack on Line of Contact, Armenian side has 1 victim and 2 wounded

Helsinki Citizens' Assembly Vanadzor Office urges Armenian Defense Ministry to look into military conscription of a kyphotic young man

Armenia suffers no losses during crossfire initiated by Azerbaijan on Armenian-Azeri border

Robert Kocharyan: The only positive thing about privatization of the Vorotan Cascade of HPPs is investment of U.S. capital in Armenia's energy system

  • by Alexandr Avanesov

  • Monday, June 23, 14:53

 The only positive thing about privatization of the Vorotan Cascade of HPPs is investment of the U.S. capital in Armenia's energy system, Robert Kocharyan, the second president of Armenia, said in an interview with yerkir.am.

He said the most attractive element of energy generation in Armenia is sold on a very obscure scheme in circumvention of the effective law and neglecting the Parliament's views. "Inherently, the deal on sale of the Vorotahn HPPs resembles a sale of some old office furniture," the second president said. According to him, the contract on sale of the Vorotan HPPs is drafted very asymmetrically. It is not in favor of Armenia, as it leaves Armenia no chances in case of legal proceedings. 

"Obviously, such wrong deal will lead to an increase in the electricity rate in Armenia. Actually, the ordinary citizens will again suffer from the mistakes and greed of statesmen. There is an impression that the contract was drafted without participation of the Armenian party. It is not too late to revise or even disclaim that contract. The deal was so unlawful that the persons involved in it will be brought responsible one day.  It is just a matter of time!  Although, it is a very obscure deal also for the buyer,"  Kocharyan said.  Earlier, Head of the Public Services Regulatory Commission Robert Nazaryan said the license of the Vorotan Cascade of HPPs will be extended. He said that sales deal is not competed and with the issue of the license that process will be significantly speeded up. 
On 29 January 2014  ContourGlobal and the Government of Armenia announced that they have signed an agreement for ContourGlobal to purchase and modernize the Vorotan Hydro Cascade, a series of three hydroelectric power plants totaling 405 MW on the Vorotan River in southern Armenia, for a purchase price of $180 million USD.

To issue the license (and recognize CountourGlobal as the owner) a closure act is required. However, a provision in the sales contact claims that each of the parties has a right to terminate the deal if it is not completed within 75 calendar days.  However, the Head of the Government Staff - Minister David Haroutiunyan said the parties have extended the deadline for completing the deal to meet the interests of the investor. 
Earlier, Deputy Minister of Energy and Natural Resources Areg Galstyan told reporters that the Government revises some provisions of the contract on sale of Vorotan Cascade of HPPs, but the deal will not be canceled.  He said that there are some technical issues that are being verifies by the parties.  However, he could not say if the American party has already provided the funds under the contract.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields