Interfax, Russia
Dec 3 2009

Armenian-Russian JV to be set up to build energy unit for NPP

YEREVAN Dec 3

The government of Armenia on Thursday approved the decision to set up
an Armenian-Russian joint venture, on a parity basis, to build a new
power-generating unit for the Armenian nuclear power plant.

The joint venture’s charter capital is 60 million dram (about
$156,000), said Armenian Energy and Natural Resources Minister Armen
Movsisian.

The Armenian energy and natural resources ministry will contribute 30
million dram to the project from the proceeds of the ministry’s
generating companies. Russia is represented by Atomstroyexport,

The government also approved an appraisal by the Worley Parsons
management company, which suggests that the projected Armenian power
generating unit will have a Russian-made 1060 megawatt reactor.

The reactor’s service life is 60 years. It has a European safety certificate.

The Armenian government signed a $459.7 million contract in 2008 with
the Worley Parsons consortium, the managing company of the project.

Construction will begin in 2012 and the power-generating unit is to be
commissioned before 2017. The currently operating power generating
unit is to be shut down by this time.

The dram is tied to the dollar at 385.6/$1.