YEREVAN. – Politics is not the reason for putting off the contract for the Vorotan Hydro Cascade’s privatization by the American company, Armenian Minister of Justice Hovhannes Manukyan told reporters on Tuesday.

As per the minister, although the talks with the investor are still in progress, there are several legal matters that need to be resolved.

“They are quite a lot, but we are working on them,” Manukyan added. 

On June 11, Government Chief of Staff-Minister Davit Harutyunyan had announced that the object of privatization needs clarification. In particular, if they cannot privatize the Cascade dam, do its walls and hydro-technical structures need to be privatized.   

The Vorotan Hydro Cascade comprises three electric power plants. The Government of Armenia is the 100-percent shareholder of the Vorotan Hydroelectric Power Plant. On November 27, 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.