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 | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |