ARMENIAN NUCLEAR POWER STATION ISSUE

The Messenger
Dec 24 2009
Georgia

Armenia has decided to build a new nuclear power station next to the
existing one. When this new third block is finished the two old ones
will be switched off and eventually dismantled.

Armenian Minister for Energy and Natural Resources Armen Movsisian,
announcing this, stated that taking the first steps in this direction
had been one of the most important Armenian achievements of 2009. A
joint Russian-Armenian company has been created which will provide
the necessary technical support. Russia is represented in the project
by the RosAtom company.

The Minister expressed his confidence that this construction will be a
profitable venture. He suggested that as a joint stock company it will
be open to multiple investors, with only 20% of it being State owned.

He also explained that Russia had been selected as its national
business partner because Russia has the greatest experience in the
world of constructing nuclear power stations. Yerevan has undertaken
to shut down the existing power station blocks by 2016.

According to preliminary estimations the project will cost from USD
4 to 5 billion. The Minister highlights that Armenia is the only
country in the region which can both produce enough electric energy
to satisfy its own needs and export it to neighbouring countries.