Armenian energy companies’ debts growing every hour
04.03.2016,
11:16
Armenia's government has unveiled a program of spending the $30 million attracted from the World Bank - 70% of this sum will be provided to Yerevan Thermal Power Plant and the remaining money to the Armenian Nuclear Power Plant, Hayakakan Zhamanak reported today.
YEREVAN, March 4. /ARKA/. Armenia's government has unveiled a program of spending the $30 million attracted from the World Bank - 70% of this sum will be provided to Yerevan Thermal Power Plant and the remaining money to the Armenian Nuclear Power Plant, Hayakakan Zhamanak reported today.
According to the newspaper, some points of this program are really horrifying. It has become known from the program that Armenian energy segment's companies had accumulated tremendous debts not connected with their activities.
In particular, Yerevan Thermal Power Plant and Vorotan Cascade Hydro Power Plant, which were in an extreme financial hardship, lend $100 million to Nairit Chemical Plant and Vanadzor Khimprom Chemical Plant.
The authors of the publication say that the government borrowed this money on behalf of these companies at high interest rates and paid outstanding salaries to employees of Nairit and Vanadzor plants.
«It is hard to say whether the full sum has been spent on the mentioned purposes or not, but this amount has already grown by accumulated interests - $600,000 joined the sum in the last two months alone,» they say. --0---
According to the newspaper, some points of this program are really horrifying. It has become known from the program that Armenian energy segment's companies had accumulated tremendous debts not connected with their activities.
In particular, Yerevan Thermal Power Plant and Vorotan Cascade Hydro Power Plant, which were in an extreme financial hardship, lend $100 million to Nairit Chemical Plant and Vanadzor Khimprom Chemical Plant.
The authors of the publication say that the government borrowed this money on behalf of these companies at high interest rates and paid outstanding salaries to employees of Nairit and Vanadzor plants.
«It is hard to say whether the full sum has been spent on the mentioned purposes or not, but this amount has already grown by accumulated interests - $600,000 joined the sum in the last two months alone,» they say. --0---
