ARMENPRESS

JAPAN TO PROVIDE EXTRA CREDIT TO ARMENIA TO BUILD NEW
POWER PRODUCING UNIT

YEREVAN, MAY 27, ARMENPRESS: Armenian Energy and
Natural Resources Minister Armen Movsisian and Yasuo
Saito, Japanese ambassador to Armenia (seated in
Moscow ) signed today in Yerevan an agreement
according to which Japan will provide Armenia with
extra credit to accomplish construction of a new power
generating unit near the Yerevan Thermal Power Plant.
Under the 2005 agreement signed by Armenia and the
International Cooperation Bank of Japan the latter
provided Armenia with a 15.9 billion Yen credit for
construction of a new steam-gas energy producing unit.
The new unit is supposed to produce approximately
2.-2.5 times cheaper electricity and reduce
substantially green gas emissions.
The government of Japan agreed to provide extra
10.4 billion yens worth credit in view of the glowing
prices of equipment and assembling work between
2004-2007.
The extra credit will be released on the same terms
as the main one- with a 30 year repayment period, 10
year grace period and 0.75 percent annual interest
rate.
The Armenian minister said the power generated by
this unit will be for domestic consumption. He said
they have chosen an equipment that will enable to
produce power at the lowest possible cost. The new
unit is supposed to produce up to 1.5 billion
kilowatt/ hours electricity annually.