Armenia plans to build hydro electric power station on the river Arax

Monday, September 20 On September 16, the Armenian Government endorsed signing an agreement between the Armenian government and the Iranian company Parad – Sepasad, envisaging construction and exploitation of a hydro electric power station on the River Arax. The construction is expected to take 5 years. After that, for 15 years the electric energy produced by the hydro electric power station, will be consumed by Iran. However, after the initial 15 years, the hydro electric power station will be given to Armenia free of charge. As PM Tigran Sarkisian stated, this is a very important investment project for Armenia's future. The Iranian Energy Minister will arrive in Armenia to sign the agreement on construction of this power station.