Newsfeed

Converse Bank announces second launch of "Team of the Future" program in 2014

VivaCell-MTS supported MES in the creation of backup server center for the Government of RA

Azerbaijan panic-stricken by Lithuania-Artsakh Parliamentary Friendship Group's visit to Artsakh

Political expert: California Senate-adopted Resolution - AJR 32 demonstrates Armenian lobby's muscle

Doubled data and off-net minute inclusions for Orange Panther customers

Hakob Injighulyan's brother refutes information that Hakob is currently in Romania

VTB Bank (Armenia) takes the lead in brand awareness among Armenia's banks

Beeline Regular and Premium unlimited mobile internet services become available for postpaid subscribers

Despite protests of environmentalists, Mego Gold Company gets permission to launch construction of third Tukhmanuk tailing dump

The 6th Pan-Armenian Barbeque Festival will be held in Akhtala on 6 September

Artak Zakaryan: Turkey's efforts cannot help resolve Karabakh conflict

Davutoglu says Ankara will do everything to end "occupation of Azerbaijani territories and Nagorno Karabakh"

President Bako Sahakyan addresses people on occasion of the Day of the Artsakh Republic

Armenian Center of Culture and Education in Israel to organize action demanding recognition and condemnation of Armenian Genocide

Armenia verifying reliability of the reports on an Armenian civilian's crossing the border with Azerbaijan

President of Armenia: Artsakh's independence - irreversible reality now

Nalbanian cannot say when Erdgoan will accept Serzh Sargsyan's invitation

Rostelecom announces new reduced tariffs starting 1 Sept 2014

VTB Bank (Armenia) funds repair and equipment of math classroom at secondary school No.21

Tickets of "Armenia" train running Yerevan-Batumi-Yerevan become cheaper

All outgoing calls to Beeline fixed-line network to cost 5 AMD per minute starting from 1 Sept 2014

Hakob Injighulyan is currently in Romania

Prime Minister of Georgia: Kazbegi Checkpoint on Georgian-Russian border will operate in limited emergency regime

Ilham Aliyev speaks of foreign forces' attempts to destabilize the political atmosphere in Azerbaijan

Armenian citizens' visa-free stay in Georgia to last 90 days within half a year

March of Peace, Unity and Solidarity in Yerevan

U.S. Embassy in Baku offers excuses: California Senate's decision does not represent national foreign policy

Eduard Sharmazanov: Robert Kocharyan said nothing new

A Radisson Hotel may open in Armenia

Armenia institutes a criminal case suggesting international terrorism over Azerbaijan's fire attacks on Armenian borderline villages

VTB Bank (Armenia) presents gifts to children of Full Life NGO's Inclusive Summer Camp

Azerbaijan transfers Hakob Injighulyan to a third country

Armenian analyst considers Edward Nalbandian's participation in Turkish president's swearing-in ceremony to be a diplomatic mistake

Union of Banks of Armenia hosts discussions on development problems of Armenia's financial and banking sector

Volunteers from the Diaspora visit VivaCell-MTS headquarters

Robert Kocharyan is not optimistic about prospects of final settlement of Karabakh conflict

Edward Nalbandian invites Erdogan to visit Armenia on 24 April 2015

Robert Kocharyan: The regime able to forget personal interests is doomed to success

Beeline cuts down tariffs for fixed-line telephony services

Expert: California Senate-adopted Resolution - AJR 32 is a response to Baku's blackmailing policy

Robert Kocharyan: It would be wrong thinking that Armenia's economy may gain from sanctions against Russia

Economist: Shares of the Vorotan Hydroelectric Power Plant should be offered to the society

  • Wednesday, June 25, 18:48

The shares of the state CJSC "Vorotan Cascade Hydroelectric Power Plant" should be offered to the society, the known economist Tatul Manaseryan said at today's press-conference when commenting on an interview of the second president of Armenia, Robert Kocharyan, with erkir am. portal regarding the sale of the Cascade to the American company "Countour Global".

To recall, Kocharyan said in the interview on 23 June that the only positive thing about privatization of the Vorotan Cascade of HPPs is investment of the U.S. capital in Armenia's energy system. 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 Vorotan 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.  

Manaseryan said that the tariff of the electric power generated at the Cascade prevails the sales tariff to the final consumers for several dozens times. In Armenia one can meet such a difference everywhere. This attracts foreign investors. "Investors do not simply come and make investments", - he said and added that Armenia itself can organize the work of the Cascade.  The foreign investment "fever" is dangerous for Armenia. Armenia makes itself dependent on foreign investors and does not think about the need to promote domestic investment, he said and added that there are the respective resources, since the amount of released money in Armenia is virtually equal to the country's GDP. "The shares of the Vorotan [Hydro] Cascade can be introduced in the local stock market and forced to make this money work. Having such resources, however, we  already have accrued an external debt amounting to half of the GDP and we think about how to pay it off," Manaseryan said and added that this is a result of the crackbrained policy conducted by the authorities, which should be terminated.       

For his part, another participant in the press-conference, a member of the parliament Vartan Bostanjan, thinks that there is nothing new in Robert Kocharyan's interview.  He said that it is inadmissible that because of balance the Cascade is sold to the American company. "This is a wrong approach, as anyway interests of the state should be taken into consideration.  But if they are not taken into consideration, there is no need to who a facility was sold to - the Russians or the Americans, he said. He also added that the authorities understand very well what is going on, but are silent, as they scare damaging their business which allows them to live. 

To recall, 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, and for $180 million. 

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