Armenpress

GOVERNMENT NOT TO OBJECT TO SALE OF ENA TO RUSSIAN COMPANY

YEREVAN, SEPTEMBER 23, ARMENPRESS: Armenian energy minister Armen
Movsisian said the government would not object to the formal sale of 100
percent of shares of the Electricity Networks of Armenia (ENA) to
Interenergo BV, a subsidiary of Russia’s Unified Energy Systems (UES) group,
but on condition that UES would assume all obligations of ENA’s current
owner-a British-registered Midland Resources Holding.
Speaking at a news conference today Movsisian said, however, UES has
agreed to this term and will become the official owner of ENA in 40-45 days.
He said the British-registered company explained its desire to give up the
ENA by no intentions to invest any more in energy sector. The minister also
downplayed fears that the ENA deal would place Armenia’s entire energy
sector under Russia’s control, which some experts say is likely to
jeopardize its energy security.
“No matter what company owns the ENA it will have to work in Armenia’s
legal environment and obey its laws,” Movsisian said. Movsisian also
confirmed that an Iranian company was selected by the government to build
the fifth unit of the Hrazdan power plant, which will cost around $150
million. He said the Iranian side has pledged to finish the construction in
two years, Armenia will repay by electricity supplies to Iran.