H. Abrahamyan: Vorotan Hydro Cascade sale should be in state interests

During his working visit to Dilijan, Armenian Prime Minister Hovik Abrahamyan responded to questions of mass media representatives, according to the press office of the government.

When speaking about the sale of Vorotan Hydro Cascade CJSC, the prime minister said:

“The new government does everything so that this deal will be concluded in the interests of our state and economy and all the clauses of the law be observed. Of course, there are flaws and unacceptable clauses, for example, a very high rate of profitability – 23.5% and I am firmly against it. There can be no deal in which the future buyer will have profits of 23.5%. There has been no such deal in our country and we are now working on this important issue. We attach importance to the big U.S. company’s investments of $180 million in our economy.”

As regards trust in that company, Hovik Abrahamyan said there is nothing suspicious. “I don’t see anything ‘dark’ here as we have worked transparently for 2-3 months. No pressure has been put. It is also rumored that we want to cancel the deal and transfer the hydro cascade to a Russian company. If the deal is invalidated during my premiership, I will be against the transfer of Vorotan Hydro Cascade to a businessman of any other country. We informed the American side about our approaches, all those clauses we do not agree with. They will inform us about their opinion: if they agree, very well, if they don’t - then the deal will not go ahead and we will not sell Vorotan Cascade to Russia,” H. Abrahamyan said.

As for the decision concerning Nairit-2 CJSC shares taken at the government session today, H. Abrahamyan said: “The question is that debt was accumulated and we need to continue discussions for 3-4 days to take a decision”.

The prime minister also discussed the economic policy of the government, noting that the welfare of Armenian citizens depends on economic development of the country.