Armenia to pay off debts to Russia

The Razdan thermoelectric power plant will be transferred to Russia to pay Armenian debts to Russia by September 5, 2003, Razdan thermoelectric power plant head Albert Bagdasaryan declared. According to him, the enterprise's shares amount to $31m. The plant has not been generating electric energy since June 2003, because there has been no demand for its energy in Armenia since the Armenian nuclear power station was put into operation, the Arminfo news agency reported.

The Razdan thermoelectric power plant is the fifth and the last enterprises to be given to Russia within the framework of the Russian-Armenian agreement on paying Armenian debts to Russia. The protocol on transferring other four Armenian companies worth $62.76m was signed by Russia on August 6, 2003. Armenia's main debt to Russia amounts to $93.7m and it will be paid off after the Razdan thermoelectric power plant is transferred to Russia.