Iran to start building two major hydro-electric stations on its border with ArmeniaSeptember 20, 2010 - 18:48 AMT PanARMENIAN.Net - Armenian Energy Minister Armen Movsisyan said that Iran will start building two major hydro-electric stations on its border with Armenia in the coming weeks and possibly days. Movsisyan said he and his Iranian counterpart Majid Namjou will inaugurate the start of construction work on Arax River separating the two countries immediately after signing a relevant agreement in Yerevan. The dates of Namjou's upcoming visit to Armenia are still being "clarified," he said. Other officials told that the Iranian energy minister will likely arrive before the end of this month. The agreement envisages that the two power plants will be built on either side of the Armenian-Iranian border and have a capacity of 130 megawatts each. They both are to be built by an Iranian company, Farad-Sepasad, in the next five years, Tehran Times reported. According to Movsisyan, Armenia will finance its share of the project, which he estimated at $323 million, with future electricity supplies to Iran. "The Iranians will build, exploit the facility (located on the Armenian side of the border) and recoup their investments with electricity to be generated there". "We will need 15 years to pay back the (Iranian) investments with electricity supplies," he said, adding that the plant will then become Armenia’s property. "This is going to be a cascade (of two hydro-electric stations), the first facility of which will be located in Armenia," said Movsisyan. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia to participate in key EU meeting for the first time ever National Assembly speaker Alen Simonyan has said that Armenia will for the first time participate in the Conference. U.S. reacts to Russia’s criticism of upcoming Armenia-EU-U.S. meeting Matthew Miller has weighed in on Russia’s criticism of an upcoming Armenia-EU-U.S. meeting. Lavrov sees ‘collapse’ of Russia’s ties with Armenia Russian Foreign Minister Sergey Lavrov has underscored heightened tensions between Russia and Armenia. Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine |