The Armenian Prime Minister Hovik Abrahamyan welcomed the agreement for the sale to the Americans in the amount of $ 250 million, the hydroelectric complex on the Vorotan River in the south, he said he would give new impetus to economic relations between the US and Armenia, while the energy company that has acquired the largest Armenian hydro complex finalizing Monday, June 8, the agreement that had been repeatedly postponed.

Based in New York, ContourGlobal Group became the first Western company to take a position in the Armenian energy sector, largely dominated by Russian groups. Under a contract signed in Yerevan by its director general, Joseph Brandt, ContourGlobal will pay the sum of $ 180 million to acquire Vorotan Hydro Cascade, a complex of several hydoélectriques units arranged on the tumultuous river Vorotan, and will invest $ 70 million to modernize infrastructure in the next 5 years. The acquisition, which was welcomed by the US government, was to be finalized in April 2014. Mr. Abrahamian had priority on its agenda shortly after his appointment as head of government, there are more than a year .

But he left dragging the file on the grounds that some of the elements of the procedure were contrary to Armenian legislation and should be renegotiated. This brake application had fueled speculation about possible pressure from Russia, which would have preferred a Russian company to take control of the complex Vorotan, despite repeated denials of the Armenian authorities. The Armenian Minister of Energy and Natural Resources, Yervand Zakharyan had announced in January that the Armenian government and ContourGlobal were about to seal the renegotiated agreement. Mr. Brandt had proceeded to the signature of this agreement with Mr. Zakharian after meeting M.Abrahamian. In addition to the contract for the sale of the Vorotan complex, the Armenian Prime Minister appointed the signing of the Agreement on Trade and Investment (TIFA), on the occasion of the visit of President Serzh Sargsyan in Washington in May, as another illustration of the strengthening of economic cooperation between Armenia and the United States.

Sarkisian had also announced the imminent finalization of the agreement on the Vorotan complex just hours after the signing ceremony of the agreement on the TIFA in Washington. “This will be the biggest investment ever made by the United States in Armenia”, had then congratulated the Armenian President. The “Vorotan Cascade consists of three hydroelectric power plants built in the Soviet era along Vorotan river that irrigates Siounik province, southeast of the country. The complex has a capacity of 405 megawatts, almost as much as the Medzamor nuclear power plant, whose end is regularly announced and postponed, and represents some 40% of Armenia’s electricity production.