RUSSIA NOT ORIENTED YET

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| 21:36:25 | 13-10-2005 | Politics |

The Armenian enterprises conveyed to Russia due to Property for Debt
Treaty do not function since the Russian party has not decided on
their strategic or civic destination, Co-Chair of the Armenian-Russian
Inter-Governmental Commission for Economic Cooperation, Russian
Minister of Transport Igor Levitin stated during today’s press
conference.

As of restoration of communication via the Abkhaz part of the railway,
the state of the rail line and conditions necessary for its restoration
are being examined at present, he noted. The conditions include
participation of Russia, Georgia and Armenia as well.

Igor Levitin also touched upon matter of RAO UES participation in
development of energy grids of Armenia. He reported RAO UES is a
participant of an energy holding, operating in Armenia. RAO UES will
continue dealing with development of energy grids and generation of
additional electric power, he also confirmed. “As of Iran-Armenia gas
pipeline, the matter was also discussed and we understand Armenian
party’s actions. I consider these logical and correct in the situation
that is available between Gazprom and RAO UES and the Armenian party,”
I. Levitin stated.