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5 Armenian enterprises might go to Russia as state debt repayment

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  • 5 Armenian enterprises might go to Russia as state debt repayment

    FIVE ARMENIAN ENTERPRISES MIGHT GO TO RUSSIA AS STATE DEBT REPAYMENT

    RIA Novosti, Russia
    June 2 2004

    YEREVAN, June 2 (RIA Novosti) - The seventh session of the
    Armenian-Russian interparliamentary commission for co-operation
    considered the passing of five Armenian enterprises to Russia within
    the state agreement "property in exchange for debt."

    According to Russian co-chairman of the commission and Federation
    Council member Nikolai Ryzhkov, the implementation of this agreement
    involves some problems.

    "The first and the main problem is the incompatibility between the
    two countries' legislations. The enterprises are already the Russian
    property but are operating in the Armenian legislative field. Besides,
    there are technological problems," noted Ryzhkov.

    The Russian co-chairman expressed the hope that a special
    intergovernmental commission would soon gather for a session to
    address these problems.

    The intergovernmental agreement signed on July 17, 2002 on transferring
    the property as part of Armenia's state debt to Russia to the sum of
    $93 million provides for passing 100% of shares in the Mars plant,
    three Yerevan research institutes of computers, automated control
    systems, materials science, and also the property complex of the
    Razdan thermo power station, to the Russian side.
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