Science Fair Project Encyclopedia
Armenian Airlines was founded shortly after independence in 1991, and was the sole carrier in Armenia until 2002, when private companies Armenian International Airways and Armavia began to compete with it.
Profitable until 1997, Armenian Airlines began a decline in 1998 which executive director Arsen Avetisian blamed on the Russian economic crisis. When Armavia (which is owned by Siberian Airlines ) entered into an agreement with the Armenian government and was granted most of Armenian Airlines' flight rights, including the lucrative Yerevan to Moscow route, Armenian Airlines was unable to recover, and declared bankruptcy in 2004.
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