ARMRUSGAZPROM PLANS TO ALLOCATE 30.6 BILLION DRAMS FOR MODERNIZATION OF 5TH POWER UNIT OF HRAZDAN TPP IN 2009

Noyan Tapan

Jan 27, 2009

ArmRusgazprom CJSC plans to make investments of 78.6 billion drams
in 2009, including 30.6 billion drams (about 100 million USD) for
modernization of the 5th power unit of Hrazdan Thermal Power Plant
(TPP).

According to the website of the company, in addition to acquiring the
assets of 248.8 million USD of incompleted construction of Hrazdan
TPP’s 5th unit, ArmRusgazprom also assumed an obligation to complete
the power unit’s construction and modernize it under the agreement
signed between the Armenian government and Gazprom OJSC in 2006. It
is envisaged investing about 180 million USD for implementation of
the project’s investment stage, as a result of which a power plant
with modern efficient gas turbines will be put into operation in
2010. The program is being financed through an additional issue of
shares of ArmRusgazprom CJSC – for benefit of Gazprom OJSC.