YEREVAN, JANUARY 27, NOYAN TAPAN. ArmRusgazprom CJSC plans to make investments of 78.6 billion drams in 2009, including 30.6 billion drams (about 100 million USD) for modernization of the 5th power unit of Hrazdan Thermal Power Plant (TPP). According to the website of the company, in addition to acquiring the assets of 248.8 million USD of incompleted construction of Hrazdan TPP's 5th unit, ArmRusgazprom also assumed an obligation to complete the power unit's construction and modernize it under the agreement signed between the Armenian government and Gazprom OJSC in 2006. It is envisaged investing about 180 million USD for implementation of the project's investment stage, as a result of which a power plant with modern efficient gas turbines will be put into operation in 2010. The program is being financed through an additional issue of shares of ArmRusgazprom CJSC - for benefit of Gazprom OJSC.

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