Property of Yerevan Thermal Power Plant to Be Liquidated: What Justification Does the Government Have?

The Government of Armenia plans to proceed with the liquidation of the property belonging to the Yerevan Thermal Power Plant. This decision was made during today’s cabinet meeting.

The rationale behind the decision states that this facility has been essentially unused and the property is not necessary for the company's future operations. Hence, it will be secured by the committee and subsequently considered as state-owned movable property for future liquidation.

The facility is under the jurisdiction of the Ministry of Territorial Administration and Infrastructures of Armenia. It is expected that the company will decrease its authorized capital in accordance with the law through the repayment of shares it acquired.

In 2021, the market value of the property was assessed at over 9 billion AMD. Within a two-month period, the transfer of this property from the Ministry to the State Property Management Committee must be ensured.

Subsequently, the property will be offered for liquidation in two separate lots valued at approximately 8 billion AMD and more than 1 billion AMD respectively through competitive bidding.

After the decision comes into effect, a competitive commission will be established within 15 days, comprising three members from the committee, three members from the Ministry, one member from the Ministry of Justice, and one from the Ministry of Economy.

The funds generated from the liquidation of unused property will be directed to the state budget of Armenia. The government assures that the public will be informed about the decision.