Armenian Electric Network denies selling stock to UES of Russia
By Tigran Liloyan

ITAR-TASS News Agency
July 21, 2005 Thursday 5:59 AM Eastern Time

YEREVAN, July 21 — Armenian Electric Network (AEN) JSC on Thursday
disproved allegations that is has sold its block of stock to UES
(Unified Energy Systems) of Russia.

The company said in a statement that 100 percent of its stock is still
owned by the British holding Midland Resources that bought the shares
from the Armenian government in 2002.

The owner of the company “has yielded to UES of Russia in the name
of the Interenergo company the right to manage, make investments and
get profit from AEN activities,” the statement says.

AEN explains this by the fact that “energy is not the core business
of Midland Resources.”

The Armenian Electric Network leadership believes the experience
and financial possibilities of UES of Russia will make it possible
for Armenia to more effectively fulfil tasks of the country’s energy
system renewal.

Interenergo is a branch of INTER RAO UES, 60 percent of which belong
to UES of Russia and 40 percent – to Rosenergoatom (Russia’s sate-run
nuclear operator).