Month: May 2008

Bank VTB to Extend $249.5mln Loan for Development of Teghut Field in
Armenia

YEREVAN, May 27. /ARKA/. Russian Bank VTB is to extend a $249.5mln
worth loan for 12 years for development of Teghut copper and molybdenum
field in Armenia. The respective agreement is to be signed by the bank
and the Armenian Cooper Program (ACP) in Yerevan today, the President
of Bank VTB open joint stock company Andrey Kostin told journalists.

In November 2007 the sides had signed a memorandum on the loan project
for development of Teghut field and elaborated terms of the agreement,
he said.

Kostin considered the loan project an important step to develop the
bank’s activities in Armenia saying this is one of the biggest loans
ever extended by the Russian bank for an investment project in the post
Soviet area.

Kostin pointed out that the banks is to provide a bridging loan for
$30mln through its daughter enterprise in France – BTB France – to
ensure uninterrupted work over the project while the legal documents
are being prepared.

The bank studied the Armenian investor quite thoroughly and made sure
that the project is realistic and important to Armenia and has a
commercial value in terms of world exports despite its high risk level,
Kostin said.

Teghut is the second largest copper molybdenum field in Armenia after
Kajaran.

The study conducted in 1972 showed that Teghut field contains 450mln
tons, of which 1.6 million is copper concentrate and 99,000 tons
molybdenum concentrate.

Experts say the field can be exploited within 45 years with annual
output of 7 million tons.
In February 2001, `ACP’ (Armenian Copper Program) Closed Joint Stock
Company received a license for development of the deposit for 25 years.

`ACP’ Closed Joint Stock Company, a member of Vallex Group, was founded
in August 1997 on the basis of Alaverdy mining factory. The
shareholders of the enterprise are Vallex F.M. Establishment
(Lichtenstein) (80.74%) and the General Director of Armenian Copper
Program Valery Mejlumian (19.26%). -0–

Process of forgiving receivables of ArmenTel’s fixed communication
subscribers finishes on May 27

2008-05-27 17:05:00

ArmInfo. The process of forgiving the receivables of fixed
communication subscribers of ArmenTel company (Beeline brand) is
finishing on May 27.

ArmenTel’s PR service told ArmInfo that after completion of the process
of debt forgiveness, the subscribers will have a chance to see the real
amount of the debt for April 2008. Disconnection of the phone
communication of the specified subscribers (who make up 20% of the
total number ArmenTel’s fixed communication subscribers) will be put
off till July. Thus, debtor-subscribers’ communication won’t be
disconnected before July 1. If a subscriber has completely repaid the
debt, the amount for the period from January till March, will remain as
prepayment on his/her account.

To recall, on May 14 Beeline took a decision not to levy from the
subscribers the amounts of "from fixed to mobile numbers" calls which
were not settled in the specified period (from January till March) and
were presented in the bills for April.

ArmenTel CJSC is a branch of VimpelCom OJSC (Russia) and represents the
Beeline trademark in Armenia. ArmenTel provides fixed and mobile
communication services in Armenia.

Head of Microsoft Armenia: IT development conception in Armenia cannot
be called ideal, but it can become good basis for future

2008-05-27 16:10:00

ArmInfo. IT development conception in Armenia cannot be called ideal,
but the most important is that it was created on the basis of agreement
of the government and IT and private sectors, Director of Microsoft
Armenia Grigor Barseghyan told ArmInfo.

He thinks that there are some faults in the conception that can be
removed in future. ‘Wasting time on long debates and discussions will
hardly bring any tangible result. So, first of all, we must approve the
conception of IT development and then regularly revise and improve it’,
Barseghyan said. At the same time he stressed that the implementation
of the conception will allow everyone interested including foreign
investors develop mid-term e-societies given the fact that numerous
programs are already implemented in Armenia to upgrade the level of
IT-usage.

Fixed and cellular communication of ‘ArmenTel’ between Yerevan and
several regions of Armenia to be interrupted on May 27 night in view of
replacement of fibre-optic cable

2008-05-26 12:18:00

ArmInfo. Fixed and cellular communication of "ArmenTel" (Beeline brand)
between Yerevan and several regions of Armenia will be interrupted on
May 27 night from 1:00 AM till 5:00 AM in view of replacement of a
fiber-optic cable passing through Arshakunyats Avenue. In particular,
the communication will be interrupted in direction of Masis, Artashat,
Vedi, Ararat, Yeghegnadzor, Vayk, Sisian, Goris, Kapan, Kajaran, Meghri
and Agarak, the Public Relations Service of "ArmenTel" Company told
ArmInfo.

Serzh Sargsyan: Financial sector of Armenia will fail to achieve
desirable results unless the economic growth covers all the people
living in the country

2008-05-26 08:57:00

ArmInfo. The financial sector of Armenia will fail to achieve desirable
results unless the economic growth covers all the people living in the
country, President of Armenia Serzh Sargsyan said during the 1st
financial-banking conference in Dilijan today.

"We all love Yerevan, but Armenia is not only Yerevan. We will not
develop unless we develop business in our regions and the financial
sector can help in the matter," Sargsyan said.

He complimented the Central Bank of Armenia for its work in Dilijan:
the construction of new building of Stock Exchange and a CB training
center.

Prime Minister of Armenia Tigran Sargsyan, Vice Chairman of the Central
Bank of Armenia Artur Javadyan and the heads of the key financial
institutions of Armenia took part in the conference.

The objective of the conference is to specify the key priorities of the
financial-banking system of Armenia and its role in the country’s
development programs.

Famous gymnast Albert Azaryan to carry flag of Armenian Olympic Team

2008-05-27 16:35:00

ArmInfo. Famous gymnast Albert Azaryan to carry flag of Armenian
Olympic Team at the opening of the 29th Olympic Games in Beijing,
Minister of Sport and Youth Affairs Armen Grigoryan said at a press
conference Tuesday.

He said the National Olympic Committee of Armenia completed
organizational activities. ‘The uniform of our sportsmen has been
already ordered. A special attention will be paid also to the dress
cloths of the Armenian delegation’, the minister said.

‘Arevik Fashion Agency will provide the dress cloths for our sportsmen
for participation in the opening of Olympic Games’, he said.

He stressed that 3 Armenian sportsmen won participation in the Olympic
Games through the last qualifying tournament of Greco-Roman Wrestling.
Hence, a total of 23 Armenian sportsmen will participate in the Olympic
Games. Armenia has an opportunity to increase its participation through
the so-called white cards issued by international sport federation for
light athletics and swimming. ‘Of course we rely on our sportsmen but
it is untimely to speak of medals so far. Our sportsmen are ready to
fight’, he said. Grigoryan stressed that a specially set-up republican
headquarters is responsible for both physical training of sportsmen and
organizational issues.

EDWARD MINASIAN TO DELIVER LECTURE ENTITLED "THE FORTY DAYS OF MUSA
DAGH: THE TRUE STORY OF A FILM DENIED"

13851

LOS ANGELES, MAY 27, ARMENIANS TODAY – NOYAN TAPAN.

Edward Minasian, an author and researcher, will deliver a lecure
entitled "The Forty Days of Musa Dagh: The True Story Of a Film Denied"
on May 31. As the local Armenian websites report, the lecture will be
delivered in the local Ararat-Eskijian Museum.

PRESBYTERIAN CHURCH OF SCOTLAND RECOGNIZES ARMENIAN GENOCIDE

2

LONDON, MAY 27, ARMENIANS TODAY – NOYAN TAPAN.

A major step forward in the recognition of the Armenian Genocide in the
UK took place this week when the General Assembly of the Presbyterian
Church of Scotland passed a motion calling on the UK government to
recognize the Genocide. The Church follows the example of the
Presbyterian Church of Wales, which called on the UK government to
recognize the Genocide in 2006. This is the result of an intense work
by lobbyists Ara Krikorian, Edgar Danielyan and Eilian Williams. whose
activity was instrumental in persuading the Church to take to this
decision. Prime Minister Gordon Brown belongs to the Presbyterian
Church and will find it hard to resist this declaration by his Church.

PIERRE SHAMMASSIAN COMEDY NIGHT TO TAKE PLACE IN TORONTO

TORONTO, MAY 27, ARMENIANS TODAY – NOYAN TAPAN. The PIerre Shammassian
Comedy Night will take place in Toronto on June 13. As the Armenian
media of Canada report, the comedy night will take place at the
Armenian Community Centre.

From: Emil Lazarian | Ararat NewsPress

FUNDS RAISED FROM ENTERPRISE 2000 TO BENEFIT ARTSAKH THROUGH HALO
TRUST

LOS ANGELES, MAY 27, ARMENIANS TODAY – NOYAN TAPAN.

About 250 Armenian’s boarded the Enterprise 2000 on May 24 night for a
Dinner Cruise and an evening of entertainment featuring Adiss
Harmandayan from Los Angeles and our very own Harout Bedrossian. The
funds raised from the cruise will benefit the HALO Trust which works in
the removal of landmines in Artsakh.