Manufacturers Union chief: energy prices may soar after Vorotan sale

Manufacturers Union chief: energy prices may soar after Vorotan sale

PanARMENIAN.Net - The head of the Union of Local Manufacturers is opposed to the sale of Vorotan Cascade of Hydroelectric Power Plants CJSC. Vazgen Safaryan believes that Vorotan, which generates the cheapest energy resources, should be a governmental property.

“With the effective work of the HPP, the sale makes no sense, but rather becomes an economic mistake that might lead to further increase in energy price,” he noted.

Prosperous Armenia faction member, economist Mikael Melkumyan also expressed concern over the issue.

“We’re not questioning the fact that the buyer is a deserving one, our problem is with the sale of Vorotan,” he said.

Commenting on whether the sale is legal, Melkumyan stated that the transaction can be characterized as a takeover, rather than sale, and there’s no legislation on takeovers in Armenia, Tert.am said.

 Top stories
“The European Union expects that this substantial assistance will lead to bold reforms over the next years,” Hristea said.
Over the 9 months of 2014, Ameribank's assets amounted to AMD 334 billion, taking it to the top of Armenia's banking system.
Sergo Karapetyan stated that exports of Armenian fruits (except fort apricots) and vegetables to Russia this year have doubled.
Among CIS countries, Azerbaijan was placed 60th, Russia 91st, Moldova 75th, Ukraine 88th, Kyrgyzstan 101st place.
Partner news