Armenia still redeeming debts of Yerevan thermal power plant to Gazprom Armenia

ArmInfo. The Republic of Armenia has increased its share in the statutory capital of the Yerevan thermal power plant (TPP) through issuing ordinary shares to it and 
allotting them in favor of the Republic Armenia.  The Government adopted a decision on August 11 to transfer the property from the balance of the Energy Ministry to the balance of the Yerevan TPP and alienate it in favor of Gazprom Armenia to repay the payables. 

Minister of Energy and Natural Resources of Armenia Levon Yolyan says the gas distributing pipelines of local importance that were built under a range of international projects were put on the books of the Energy Ministry under a number of government enactments dating back to 2008-2013. It was suggested that the given infrastructures will be transferred to the statutory capital of Gazprom Armenia CJSC to increase Armenia's share in it. However, after the company was fully alienated, the given enactment remained hanged in the air.  Under today's enactment of the Government, the minister said the pipelines transferred to TPP will be transferred to Gazprom Armenia in exchange for the debt.

The given infrastructures were built under the RESCAD project implemented on the funds of the World Bank and the project "Market Opportunities for Farmers" funded by IFAD.