Moscow, 18 September. Today, an agreement was signed in Erevan between the Republic of Armenia and the subsidiary of RAO "UES of Russia", ZAO "INTER RAO UES", whereunder the 100% stake in Armenian Nuclear Power Plant (NPP) is to be transferred into trust administration to ZAO "INTER RAO UES".
The Agreement has been signed by the Armenian Energy Minister Armen Movsesyan, Deputy Chairman of the Management Board of RAO "UES of Russia" Andrey Rappoport and Director General of ZAO "INTER RAO UES" Evgeny Dod.
According to the Mass Media Department of RAO "UES of Russia", the Republic of Armenia remains the sole owner of Armenian NPP. After ZAO "INTER RAO UES" obtains the rights of shareholder in Armenian AES, it will control the plant's financial and business operations. The functions of the operating entity, as before, will be performed by AO "Armenian NPP". ZAO "INTER RAO UES" will work to improve the operations at AO "Armenian NPP", introduce advanced business-processes, budgeting, and enhance the Company's transparency.
Under the Agreement, ZAO "INTER RAO UES" undertakes to facilitate regular supplies of nuclear fuel and repayment of the debts owed by the plant to Russian fuel suppliers. The debts will be repaid with the proceeds from the sale of electricity generated by the NPP.