YEREVAN. - Arrival of a US investor in Armenia’s energy sector can only be welcomed, Vache Gabrielyan, Deputy PM, Armenia’s Minister of International Economic Integration and Reforms told Armenian News – NEWS.am on Tuesday, commenting on the agreement on the sale of the Vorotan Hydro Cascade property to the US ContourGlobal company.    

“The more investors we have from different countries, the better. Different business culture and different technologies enter [the country with the investors]. Besides, the investment program supposes the re-equipment of the HPP cascade. Its production is also supposed to increase,” Gabrielyan said.

An amended agreement on the purchase of the Vorotan Hydro Cascade by ContourGlobal was signed at the Armenian government on Monday. The agreement was signed by Armenia’s Energy Minister Yervand Zakharyan, Joseph C. Brandt, ContourGlobal’s President and Chief Executive Officer, representative of ContourGlobal Hydrocascade and ContourGlobal Terra Holdings and Director General of Vorotan Hydro Cascade Sasun Khachatryan.