UES TO BUY ARMENIAN

St Petersburg Times, Russia
Sept 27 2005

IN BRIEF
MOSCOW (Bloomberg) – Unified Energy System, the national power utility,
will buy Armenia’s electricity network from Midland Resources Holding
for an undisclosed sum, RIA Novosti reported.

Armenia’s government approved Midland’s request to sell its 100 percent
stake in Armenian Electricity Networks to Interenergo, an offshore
venture UES has with Russian nuclear energy monopoly Rosenergoatom,
RIA reported.

Interenergo agreed in June to pay $73 million to “borrow” Midland’s
shares for 99 years, the Russian newswire said.

The Guernsey-based company paid $40 million for the stock, RIA
reported, without giving details of that transaction.