ARMENIAN GOVERNMENT DISCUSSES DRAFT DECISION ON PERMISSION TO SELL ENA

YEREVAN, SEPTEMBER 15, NOYAN TAPAN. At the September 15 sitting, the
Armenian government discussed the draft decision in connection with
the bid submitted to the RA government by the Midland Resources
Holding Limited company regarding the alienation of 100% of the shares
of the Electric Networks of Armenia (ENA) CJSC.

To recap, Midland Resources – the owner of ENA – applied to the
Armenian government and the RA Public Services Regulatory Commission
in order to get their consent for selling 100% of ENA shares to the
Inter Energo company (Russia). ENA was recently given to Inter Energo
for trust management for 90 years.

According to the RA Government Information and PR Department, the RA
Ministry of Energy must, within a three-day period, negotiate with the
concerned parties the issues related to the obligations that the draft
decision contains in order to calrify these issues and stipulate them
in the draft, and in case of failing to reach an agreement it must
consider the draft decision as not adopted.