PRIVATE SECTOR TO MANAGE ARMENIAN ENTERPRISES TRANSFERRED TO RUSSIA

ARKA
July 23

RA President Serge Sargsyan reported that the Armenian enterprises
transferred to Russia against Armenia’s debts will be managed by the
private sector.

A $93mln agreement on the transfer of Armenian enterprises against
Armenia’s national debt to that country was signed in 2002.

Under the document, the following enterprises were transferred
to Russia: Mars CJSC ($56.29mln), Yerevan Research Institute of
Mathematical Machines ($2.75mln), Yerevan Research Institute of
Automated Research System ($3.37mln), Yerevan Research Institute of
Materials Science ($0.35mln) and Hrazdan heat and power plant (HHP).

"The issue of transfer of the enterprises to private management was
settled a week before my visit to Moscow. This is the only possible
solution to the problem of re-operating the enterprises, and serious
changes in this issue should be expected," President Sargsyan said. The
RA President was on a working visit to Moscow on June 23-25. P.T.