ARMENIAN-RUSSIAN TRADE TURNOVER POSSIBLE TO INCREASE

ARKA News Agency, Armenia
Oct 4 2007

YEREVAN, October 4. /ARKA/. Armenian-Russian trade turnover can be
increased through cooperation in atomic energy, RF Ambassador to
Armenia Nikolay Pavlov stated in his interview to the Golos Armenii
newspaper, commenting on RA Premier Serge Sargsyan’s official visit
to Moscow.

The Ambassador explained that the matter concerns join exploration
of uranium deposits in Armenia.

On this context, Pavlov pointed out great importance of improving
the schedule of the Caucasus-Poti ferry service. "Of we resolve the
problem of excisable products at the customs station of the port of
Caucasus before the end of the year, the trade turnover will certainly
increase," Pavlov said.

Speaking of the investment volume, the RF Ambassador stated that
Russian investments in Armenia’s economy are not so large – about
$800mln.

"At their recent negotiations in Moscow, the Prime Ministers discussed
the issues of construction of an oil refinery in Armenia, development
of processing enterprises in the country with the involvement of
Russian business. Russian investors are ready to invest capital
in Armenia," Pavlov said. He added that such companies as Gasprom,
VTB, RAO EES Rossii, Vympelcom and RUSAL are and will go on working
with Armenia.

As regards the construction of an oil refinery in Armenia, a
feasibility report is being worked out. "We must specify the capacity
of the refinery and the consumers. This is a most interest project,"
he said.

Pavlov pointed out that the Armenian-Russian Intergovernmental
Commission for Economic Cooperation held a meeting in Yerevan
recently. A number of documents were signed at the meeting, namely,
a contract with the Armenian "Armavia" airline for a purchase of
Sukhoi Super Jet 100 airplanes worth over $50mln in 2008, a corrected
schedule of measures for the implementation of a program of long-term
Armenian-Russian economic cooperation until 2010.

In January-July 2007, Armenian-Russian trade turnover increased by 57%
and totaled $330.1mln. Armenia’s exports to Russia totaled $111.8mln
(17.7% of Armenia’s total exports) – a 2.05-fold increase compared
to January-July 2006.