Jan 20 2011
The Russian-Armenian, ArmRosGazprom’s (ARG) Chief Executive, Vardan Harutyunian, stated that the Hrazdan Thermal Power Plant’s fifth unit would be commissioned in 2011 during the first quarter.
The incomplete facility was acquired by the Gazprom monopoly belonging to Russia in 2006 as a part of a complex agreement that was signed by the Yerevan Government. It had increased its stake in ARG to 80% thorough that deal. He also stated that 2011 was of great importance for the company because they were launching the power plant’s fifth unit. He emphasized the necessity of exploring potential markets for exporting electrical power. Instructions were given by him to all ARG divisions for preparation of technical and financial reports based on the company’s activities in 2010 with a focus on optimization of expenses and financial discipline issues.
Hrazdan project
Valery Golubev, Gazprom’s Deputy Chairman had remarked that the Russian Monopoly had expended above $460 million to complete the prolonged construction work on the fifth unit in 2011. As payment for the natural gas supplied by Iran, the power generated from the Iranian natural gas would be shipped right back to Iran.
Distribution of Russian natural gas coming to Armenia from Russia via Georgia was carried out by ARG alone. ARG was established in 1997 with 20% shares owned by the Armenian Government and 805 owned by Russian giant Gazprom.