"Rushydro has never made statements of its intention to terminate construction of Upper-Naryn Cascade dams," Russian hydropower company said in a statement commenting the latest remarks of President Almazbek Atamabyev delivered on July 24.
"Intergovernmental agreement on the construction and exploitation of the Upper-Naryn Cascade HPPs was terminated unilaterally by the Kyrgyz side," the statement read.
"Rushydro as ever is ready for a constructive dialog and discussion of debt repayment options for Kyrgyz side," the statement adds.
"Rushydro acts strictly inside the legal boundaries and in the event of failure to reach accord, it reserves the right to start international arbitration proceedings to get all the company's expenditures associated with the project back," the statement said.
On July 24, Atambayev during his annual press conference said the termination of agreement with Russia was a right decision.
"We were absolutely right to terminate the contract with Russia. The Russian president and I clearly realized that Russian companies were not going to even start the Kambar-Ata HHP-1 project," he said.
Original url : akipress.com