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In 2003, a debt about 40 million USD sum was accumulated at the “ANPP” CJSC towards the Russian nuclear fuel supplier, which was used for the production of electricity at ANPP in the period of 1995-2001.
Payment of the debt was the precondition for restarting the supply of a new volume of the nuclear fuel. The debt repayment schedule was set up after lasting negotiations for solving this problem and the Russian side keeps the right of supervision upon the financial streams of ANPP CJSC as a repayment guarantee.
As a result a decision was made on assignment of the right of trust management of the certified by shares of the “ANPP” CJSC to INTER RAO UES. This allowed INTER RAO UES to pay off the debts of “ANPP” CJSC to “TVEL” concern, and thereafter to receive back the paid money from “ANPP” CJSC.
During the recent years, while implementing the functions of the trust manager, INTER RAO UES takeover the supervision on the company's budget formation and its realization. It has to be noted, that this mechanism allowed discharge of the debt perfectly without breaking the timetable/schedule.
During the mentioned period the trust manager never interfered in the technological process, confining only with his main tasks fixed by the Decrees of the Government of RA N1211-A dated 17 September, 2003 and N1411-A dated 4 December, 2008, which are:
• “ANPP” CJSC’s nuclear fuel repayment obligations towards the Russian side
• securing the supply and financing of fresh nuclear fuel for 2003-2004
• stabilization of plant's financial and economical state and current solvency.
The INTER RAO UES CJSC fully complied with its obligations and revealed itself as a reliable partner. In such conditions, extension of trust management contract generally takes a formal character and practically becomes unnecessary.
All this coincided with the changes of INTER RAO UES strategic plans, which began to release its non-profile assets, such as the trust management of “ANPP” CJSC’s shares.
Termination of “ANPP” CJSC’s shares rights under the trust management contract will not affect on the activity of the company, as during the contractual period and after its termination the management of ANPP's activity in fact is being carried by the Ministry of Energy and Natural Resources of RA.
December 06, 2011 at 18:17