International Energy Corporation is going to invest $27 into Armenian hydro-power engineering
(Regnum) - Mezhdunarodnaya Energeticheskaya Corporatsiya (MEC) Company (International Energy Corporation) is going to invest 9.954bln of drams ($27mln) (without VAT) in frameworks of its investment program for 2006-2009 in Armenia, reports Trend.
As a REGNUM correspondent was informed in Yerevan, according to a draft resolution of the governmental commission on regulation of public services in Armenia, 8.1bln drams will be granted for modernization of Yerevan HPS; 248.2mln drams for works at Argel HPS; 158mln drams will be invested in infrastructure of Arzni HPS; 250mln drams for replacing cells at Kanaker HPS; 825mln drams for replacing compressor at Hrazdan HPS; 235mln drams for rehabilitation of Sevan HPS; 131mln dramas will be granted for other purposes.
At present, the RAO UES Russia possesses Sevan-Hrazdan Coordinated Hydroelectric System (SHCHS) and manages financial flows of the Armenian NPP. In May 2003, the holding established the MEC Company to manage the SHCHS transferred to Russia for repayment of nuclear fuel delivered to the Armenian NPP.
The Inter RAO UES Company fulfills asset management of the Armenian NPP's financial flows within five years. 80% of Armenian energy resources are possessed by Russian companies; about 60% of them belong to Inter RAO UES.