ARMENIA AND IRAN AGREED ON CONSTRUCTION OF ARAKS RIVER HPS

ArmInfo News Agency, Armenia
Nov 9 2006

Armenian Government signed an agreement with Iran on construction and
exploitation of Hydro Power Station (HPS) on Araks River, statement
of Armenian Government says.

Armen Movsesyan, Minister of Power, said that the construction of the
Meghri HPS is 140 mln USD worth due to the technical-economic issues.

As for its features, there is no competitor to the Meghri HPS in
South Caucasian region. Its planned production capacity will make up
140 MW at the annual power production of 850 mln kilowatt-hour.

Armenian and Iranian experts have worked out a special financing
scheme for the project. According to it, HPS construction works
will be maintained by Iran, whereas Armenia is responsible for the
power supplies.