ARKA News Agency, Armenia
July 12 2005

VISIT OF THE GENERAL DIRECTOR OF ARMENIAN ELECTRIC NETWORKS CJSC TO
MOSCOW IS NOT CONNECTED WITH THE NEGOTIATIONS ON SALE OF THE ELECTRIC
NETWORKS

YEREVAN, July 12. /ARKA/. The visit of the General Director of
Armenian Electric Networks CJSC Yevgeni Gladunchik to Moscow is not
connected with the negotiations on the sale of the electric networks,
according to the Press Secretary of Armenian Electric Networks CJSC
Margarit Grigoryan.
To remind, yesterday Grigoryan told ARKA that Gladunchik would be
back to Yerevan by the end of the week, and next week a
press-conference would take place.
RA Ministry of Energy sent an official letter to the company to find
out the status of the electric networks. To note, according to the
consolidated financial statement of the Group of RAO UES of Russia
for 2004, in June 2005 Interenergo, included into the Group,
purchased 100% of shares of Armenian Electric Networks CJSC for $73
mln.
Meantime, the Head of the WB Yerevan Office Roger Robinson expressed
his anxiety by the fact that the sale of the electric networks of
Armenia is carried out through non-transparent way. Robinson noted
that currently RA Government hasn’t made any statement confirming or
refuring the information.
100% of the shares of Armenian Electric Networks CJSC has been
belonging to Midland Resources British Company since November 1,
2002, which paid $12.015 mln and took the commitments to redeem debt
of the company in the amount of $27.985 mln. A.H.-0–