IRAN STUDIES DETAILS OF ARMENIAN HYDRO CASCADE’S SALE TO US
February 11, 2014 | 08:03
YEREVAN. – Iranian Ambassador to Armenia, Mohammad Reisi, is studying
the details of the sale ofArmenia’s Vorotan Hydro Cascade to American
company ContourGlobal.
Ambassador Reisi himself told the above-said to Armenian News-NEWS.am,
in response to the query as to whether this deal could impact the
energy cooperation between Armenia and Iran.
Iran supplies natural gas to Armenia in return for electricity from
Armenia.
On January 29, Energy and Natural Resources Minister of Armenia,
Armen Movsisyan, and ContourGlobal’s Executive Vice President and
CEO for Eastern Europe & CIS, Garry Levesley, signed an agreement
on the sale of the Vorotan Hydro Cascade–which is a series of three
hydroelectric power plants–to the US company.
Under the terms of the agreement, ContourGlobal Hydro Cascade, a direct
and wholly owned subsidiary of ContourGlobal, will supply power to
the Armenian grid under a long-term power purchase agreement. It will
also invest US$ 70 million over the next six years in a refurbishment
program to modernize the plants and improve their operational
performance, safety, reliability, and efficiency.
News from Armenia – NEWS.am
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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