SINCE MAY 1 IEC SUSPENDED ARMENIAN ENERGY EXPORT TO GEORGIA

Pan Armenian News
02.05.2005 06:25

/PanARMENIAN.Net/ Since May 1 the International Energy Corporation
CJSC (IEC) has suspended the export of the Armenian energy to Telasi
Georgian company, IEC Deputy Director General Mels Hakobian stated,
RIA Novosti reports. In his words, the main reason for the export
suspension has become the continuing debase of the US dollar to AMD
resulting in commercial impracticability of the energy export. "We
obtain energy in terms of drams and sell in terms of dollars, however
due to the dollar devaluation we suffer great losses", Hakobian
noted. He also informed that the IEC held negotiations with Telasi
but the latter said the Georgian party is not ready to raise tariffs
for the energy at present. To note, the IEC exported on average 2.45
million kilowatt-hour day and night with a tariff of 2.75 cents for
a kilowatt.