According to U.S. Ambassador to Armenia John Heffern, the sale of the three hydroelectric power plants in Armenia (Vorotan Cascade), to U.S. energy giant ContourGlobal has yet to be finalized despite early government reports to the contrary.
When asked by Hetq, Heffern said that the sale was still in the negotiation stage.
On Januray 29, 2014, the Armenian government and ContourGlobal signed a $250 million agreement whereby the company would purchase the plants for $180 million and invest an additional $70 million to refurbish the Soviet-era built hydro-plants.
When asked if pressure from Russia was holding up the finalization of the transaction, Heffern would only say that negotiations were on-going and that the United States hoped that a mutually satisfactory deal for both parties could be reached.