Presently, Metsamor plant generates around 40% of Armenia’s electricity.

“Russia is a key partner of Armenia in development of peaceful nuclear programs and we hope that as a strategic ally it will join this project as well,’ Nalbandian said.

Nalbandian said this is a complicated project and is difficult to say whether it would be realized in cooperation with one or several partners. According to Nalbandian, Russian companies showed interest in this project.

Government of Armenia has yet to attract funding for the project which was estimated by a US funded feasibility study to cost at as much as $5 billion.

As per a 2003 agreement, Armenian nuclear power plant’s financial flows are managed by Inter RAO UES, owned by Rosatom State Nuclear Corporation. The agreement expires in 2013.