Prime Minister of Armenia is dissatisfied with the delay in signing  the contract with the Italian company

ArmInfo. It is a matter of concern that the Armenian government has not yet fulfilled its obligations to prepare a contract with the Italian company Renco for  the construction of a new thermal power unit. This was announced by  Prime Minister Nikol Pashinyan at a government meeting on June 1.

According to him, the government of the country is making efforts to  form an attractive investment environment, at the same time, the new  investment project is being hampered for some reason. "10 years ago I  met with the management of the company Renco, and it turned out that  there were problems in the implementation of the program," said Nikol  Pashinyan.

In response, RA Minister of Justice Artak Zeynalyan said that the  agreement with Renco is in the process of discussion. As the minister  noted, discussions are held with the company's management and the  Ministry of Energy Infrastructures and Natural Resources of the  Republic of Armenia on this project. Since the contract is  voluminous, it includes 250 pages, and is presented in English, there  is a need for its expertise, what is currently being done by the  Institute of Energy. In his turn, the Minister of Energy  Infrastructures and Natural Resources of the Republic of Armenia  Artur Grigoryan informed that in three months it is planned to begin  construction of the block, which will last 25 months. The state,  according to the draft agreement, undertakes to purchase surplus  electricity within 20 years, since the bulk will be exported. In  response, Nikol Pashinyan urged to speed up the solution of the  problem. "If we say yes to the project, we should quickly say yes, if  no, then no," the prime minister said.

Earlier, ArmInfo informed that the Italian company Renco will invest  about $ 250 million to build the second power unit of the Yerevan  combined-cycle gas-cycle power plant (EECPG) in Armenia with a  capacity of 250 mW. Moreover, the ceremony of laying the capsule was  held on March 20 this year. On the territory adjoining Yerevan EES,  where construction will begin. The program will create about 900  temporary jobs, and from the time of operation - 200 permanent and  highly paid. The best effective technologies will be used in the  construction, and the efficiency will be 53%, while this indicator of  the Hrazdan power unit is equal to 44%, Yerevan Thermal Power Plant -  49%.

Most of the electricity produced on the block will be exported via  the Iran-Armenia-Georgia power line being constructed, which will be  commissioned in 2019. The state undertakes to purchase surplus  electricity produced by the unit within a period of 20 years at a  price of 6 US cents excluding VAT. Earlier, the general director of  the Renco group Giovanni Roubini noted that part of the financing  will be provided at the expense of the company's own funds, and the  second part through the involvement of international banks, which, he  said, are very enthusiastic about the project, which, according to  the investor, speaks of their trust in the company, the project and  Armenia. Recall that the company RENCO has been working in the  Armenian market since the late 90s, carrying out the construction of  large facilities, including two hotels - Congress and Golden Tulip  Yerevan, the Italian Embassy in Armenia, as well as a residential  complex and the first underground garage under one from the central  squares of Yerevan.