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March 28
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YEREVAN. – The Government of Armenia is very close to canceling the sales transaction of the country’s Vorotan Hydro Cascade, Haykakan Zhamanak daily reported.   

“Accordingly, the [respective] final decision may be made at any time.

“On January 29, the American ContourGlobal Hydro Cascade company and the Armenian government signed an agreement, according to which the American company was to pay $120 million for the Vorotan Hydro Cascade and make a $70 million investment.    

“According to this contract, the deal was to be completed by mid-April, but it has not been completed and the amount is not paid to this day. Neither the American party nor the Armenian government provides thorough explanations as to what problems have arisen.     

“According to the unofficial viewpoint coming from the government, the cancelation of the business deal has external political and internal power motives, and not economic. It [the Vorotan Hydro Cascade] is the Armenia energy system’s sole entity which a non-Russian company was to acquire,” Haykakan Zhamanak wrote.    

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.

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