Armenia hands over one thermal power station and three electronic factories to Russia in repayment of its sovereign debt

Armenia will hand over to Russia, as repayment for its national debt, one thermal power station and three electronic plants, Russia's Industry, Science and Technology Minister Ilya Klebanov, who is also co-chairman of the inter-governmental commission on economic cooperation, said at Yerevan's Zvartnots airport on Tuesday.

From January 1st, 2003 Armenia will have no debt problem with Russia, Klebanov emphasised.

When a hand-over contract was drawn up, he said, certain technical complications arose, but they were overcome. "This is the first deal of this kind, and we have ensured that the parties have no questions left," Klebanov stressed.

According to him, "we are ready to invite even international auditors to evaluate the assets." Armenia's national debt to Russia stands at 98 million US dollars.