ARMINFO News Agency
September 20, 2005

RAO EES RUSSIA PLANS TO SHORTLY OBTAIN ARMENIA ELECTRIC NETWORKS

YEREVAN, SEPTEMBER 20. ARMINFO. RAO EES Russia is planning to become
the owner of the Electric NEtworks of Armenia very shortly, Chairman
of the Board of Directors of INTER RAO EES Andrey Rappoport says in
an interview to Regnum.

The company is ot going to be just manager for 99 years and has
already applied for owning the networks or giving the ownership to
its daughter company Interenergo B.V.. Some Western organizations
have expressed concern that the deal is not transparent. But RAO EES
Russia has already shown WB and other experts that the deal is legal.

RAO EES Russia is already a subject of Armenia’s electricity market,
knows the country’s laws very well and closely complies with them.
Simply the process is underway and some very emotional media have
interpreted this as illegal change of owner. This was simply
misunderstanding. The deal is not over de jure and will be finalized
as soon as the Armenian Government gives its consent to it, says
Rappoport.