Gas and Oil Prospecting in Armenia. Transeuroenergy, a Canada based corporation, will start prospecting gas and oil in the regions of Armavir, Karmir, and Shoghaghbyur, with the most advanced drilling equipments that could dig 2500 meters deep. The very first results will be known in February of 2007.

  Development of Renewable Energy. Cascade Credit has opened a credit for its project in renewable energy. The credit offered 15 m USD, which will be contributed by EBRD (7 m USD), World Bank (5 m USD), Gafesjian Funds (3 m USD)-owners of the Cascade Credit. An additional 3 m USD will be provided by World Bank for the application of its Environmental Protection Program. The credits will be used for the construction of small HPPs (Hydro-Power Plants) with a capacity of 10 megawatts, for a delay of 8 years and a 2 year grace period. The amount will be allow to pay back with an annual interest rate of LIBOR 6 months + 8 or 9%. This credits should not exceed the 1 m USD and represent more than 70% of the total forseen expenses. Due to urgent problems in the field of energy, Cascade Credits has already developed different energy - projects. The Gafesjian Funds own the Cascade Capital Holding that generated Cascade Insurance. Today they own 65% of the capital while the 35% is owned by EBRD.
  IDA Credit to Armenia. The International Development Association (IDA) of the World Bank will open a credit of 3,5 m USD to Armenia for the development of renewable energy, on regular terms of reimbursment.

- Advanced Technology in Production of Renewable Energy. By using solar energy, American enterprises recently offered advanced technology for a production of renewable energy. This technology can be applied by using biogas, which will be obtained from wind.

- Iranian-Armenian Agreement for the Construction of a 3rd High Voltage Power Line. This 312 km long line of 88 MW and 400 KV cost 90 million US dollars. The Export Development Bank of Iran (EDBI) will finance 85% of the project. Generally this bank finances 60% of domestic projects in the private sector.

- Some Refinement Concerning the Amendment of the Iranian-Armenian Gas Pipeline Project. Every possible amendment concerning a project calls for the consent of both parties. Therefore, any partial or total sale of gas (pipeline) to Russia necessitates the agreement of Iran. So far, the project of the gas pipeline has not been altered, and Iran remains interested in providing gas to Armenia.

- Ukraine to Participate in Reconstruction of Armenia’s Hydroelectric Power Plants. The issue is discussed by the Foreign Ministers of the two countries. Considering the fact that Armenia already uses hydroelectric equipments manufactured in Ukraine by Turboatom, a plant based in Kharkov, Armenia is interested in paticipation of Ukraine in tenders, for the development of the energy sector.

- Price Control on Gas for the Armenian Consumer. Accordant to the President of Armenia, gas prices as low as 56 USD per 1 000 m3 will not be possible in the future, but price control is possible through new investments. These investments will modernize the outdated installations of the Hrazdan’s 5th unit and put in service new plants with high productivity.

Summary

Bilateral Relations
Regional Relations
Agriculture and Agribusiness
Industry
Mining Sector
Energy and Sustainable Development
Transport and communication
Tourism
New Technologies and Telephony
Diverse Services
Brief News
Economic Meetings, Business Forums, International Associations
Macro-Economics and Social
Currency and Banks.