Part of Nairit assets to be transferred to Vorotan Cascade CJSC against deb

By a decision of the Armenian government, 53.27% of Nairit-2 CJSC (book cost is 7320.8 million drams) and 3.5967% of Nairit Plant (book cost is 983.4 million drams) to Vorotan Hydro Complex CJSC.

The draft decision was included in the agenda of the government session due on July 24.

The government said that after receiving the assets, Vorotan Hydro Complex CJSC will pay debts of Armgazpom CJSC in the amount of the contract price of the acquired assets.

By the same decision of the government, budgetary loans and other liabilities of Armgazprom CJSC to Armenian Finance Ministry will be repaid through transfer of 46.73% of assets of Nairit-2 CJSC and Tech-Stepanakert gas pipeline to the government, including the right to claim receivables regarding Armenian Defense Ministry.

Thus, under the decision, 46.73% of Nairit 2 assets and Tech-Stepanakert gas pipeline will be transferred to Armenian Ministry of Energy and Natural Resources, while the minister of energy and natural resources will be vested with authority to manage the company’s assets.