ELECTRIC NETWORKS OF ARMENIA CJSC CANNOT SIGN A CREDIT AGREEMENT WITH VNESHTORGBANK BECAUSE OF INTERNAL PROBLEMS
arminfo
2007-12-21 17:04:00
ArmInfo. The "Electric Networks of Armenia" (ENA) CJSC cannot sign a
credit agreement worth $70 mln with Vneshtorgbank (Russia) because
of internal problems, ENA Director General Yevgeny Gladunchik said
at a press-conference, Friday.
He recalled that the partied reached agreement on credit, however,
the credit agreement cannot be signed because of ENA, not the bank. He
added that the company was going to spend these funds on upgrading
of electric networks in Yerevan, as well as on construction of 110 KV
substations and 2 substations of 35 KV each. According to the project,
the electric capacities in Yerevan were to be increased to uncouple the
scheme of electric supply of the city where the energy consumption is
steadily growing. However, the Yerevan City Hall was to give grounds
for construction of substations, and it is hard to solve this problem,
Y.Gladunchik said. He added that another cute issue is to take out
the electric substations from residential buildings. He noted that
there are about 130 such substations in the city and less than ten
of them were taken out from buildings. "In this issue we come across
the residents’ resistance", said Gladunchik.