Armenian Prime Minister Tigran Sargsyan held a meeting Feb. 23 with a delegation of the Fortune Oil Company (China) led by Daniel Tatjung Chiu, Executive Vice-Chairman. Armenian News-NEWS.am reminds readers that the Fortune Oil Company purchased three iron ore mines in Armenia.

Early this year the company announced the purchase of the Abovyan, Hrazdan and Svarantsk iron mines. The information was neither confirmed noir refuted for a long period. The problem is that two companies enjoy the operating right - the Nagin Company has the right to the Hrazdan mine, and the Spice Steel Armenia Company has the right to the Saravants and Abovyan mines. The Nagin Company is owned by relatives of the Parliament member Vardan Aivazyan.

According to the information on the Fortune Oil Company`s official website the mines were purchased in an indirect way. Specifically, Fortune Oil purchased 35% of the capital of Bounty Resources Armenia Limited. Nagin is a subsidiary company of Caspian Bounty Steel Limited, which, in turn, is a subsidiary of Bounty Resources Armenia Limited. The Chinese company is sure that the Nagin Company is licensed to operate all the three mines. The company`s official website does not contain any information on Spice Steel Armenia.

Bounty Resources Armenia Limited is a little-known company in Armenia. It has turned out to belong to Vardan Aivazyan. He attended the Premier`s meeting with the Chinese company`s representatives. So we can say Vardan Aivazyan is behind the Armenian-Chinese "iron deal."

The Fortune Oil representatives assured the Armenian Premier the company plans to invest a total of U.S. $0.5 billion in two stages.