JAPANESE BANK FOR INTERNATIONAL COOPERATION DEMANDS EXPLANATIONS ON
TRANSFER OF SHARES OF ARMENIAN ELECTRIC NETWORKS TO RAO EES RUSSIA
YEREVAN, AUGUST 16. ARMINFO. Japanese Bank for International
Cooperation has expressed its displeasure over the uncertainty
following the transfer of the shares of Armenian Electric Networks
to RAO EES Russia and demands relevant explanations, says the head of
the development and foreign relations department of Armenia’s energy
ministry Levon Vardanyan.
He says that the displeasure was expressed during a JBIC mission’s
recent visit to Yerevan and their meetings with energy and finance
and economy ministry officials. The concern is quite understandable
– the Armenian government is puzzled itself as they have not no
specifications on the deal so far. Meanwhile the owner Midland
Resources Holding Ltd is obliged to respond to the government’s inquiry
by no later than Aug 17 otherwise Armenian Electric Networks may be
deprived of license. Vardanyan says that according to the Armenian
legislation the shares of a copmany cannot be sold or given to a
third person without a government permission.
Vardanyan says that during the JBIC mission Yerevan visit the sides
considered annoucing a new tender for modernizing 33 110 KV power
sub-stations of Armenia as the JBIC 1999 $30 mln loan has proved
insufficient with the first tender suspended because no condender
would obviously do with the above sum. And so JBIC is waiting for
explanations to know what it will further do in Armenia. The bank’s
biggest program in the country is the $150 mln loan for the underway
project to modernize the Yerevan Thermal Power Plant.
Expressing displeasure earlier were also USAID and WB. USAID has
even threatened to stop its programs in Armenia unless explanations
are received.