By Alexander Tagvoryan

YEREVAN, August 21–On August 20 a Russian-Armenian intergovernmental agreement on the construction of a new nuclear power plant in Armenia was signed between the Minister of Energy  of Armenia Armen Movsisyan and Sergey Kiriyenko, the general director of the Russian governmental corporation called “Rosatom.”

The construction of the new power-generating unit in Metsamor is to start in 2012. Russia will provide support both technically and financially. Russia has already agreed that will finance 20 percent of the project costs.

The Metsamor-Inter RAO Armenian-Russian company is specially designed to carry out the construction project, which includes a power reactor that is water-moderated and water-cooled. The company will cover 40 percent of the costs. The remaining 60 percent, is planned to be received from different investors.

According to  Movsisyan, the participation of the American, European and Japanese investors in the construction of the new power plant in Armenia is possible.

The reactors of the new plant will have a capacity of 1,060 MW, which corresponds with European standards.

The project, the costs of which are estimated around $5 billion, will be regulated by the Australian international consortium WorleyParsons.

Yerevan Report