Debts to Vorotan Hydro Cascade Paid with Stake in Nairit-2

Haygazard's current balance of debts will be paid by transferring a 46.73% stake in Nairit-2 CJSC to the Government of the Republic of Armenia, decided the Armenian government in its cabinet today.  

The RA Government website states [AM] that 11 companies merged in 1998 to create Haygazard CJSC. The real assets of the gas system were invested into the authorized capital of the newly created ArmRusGazprom, while the not collected receivable and payable debts were transferred to Haygazrd's balance. 

Today's government decision stipulates that the debts and obligations will be fulfilled by several of the company's assets, including  transferring 46.73% stake in Nairit-2 CJSC to the Armenian government. 

At the same time, some of Haygazard's debts to the Vorotan Hydro Cascade (which was recently sold to the US company ContourGlobal) will be paid by transferring a 53.27% share in Nairit-2 CJSC to the Vorotan Hydroelectric Power Plant Complex.  

In accordance with the decision, with the transfer of its assets, Haygazard fulfills its obligations to the RA Ministry of Finances and Vorotan Hydro Cascade.