Interfax - Russia & CIS Energy Newswire
June 15, 2018 Friday 9:36 AM MSK


Russia's Tashir to invest $90 mln in updating Armenian power grids

MOSCOW. June 15



Russia's Tashir Group, which owns Electric Networks of Armenia (ENA),
plans to invest $90 million in construction and modernization of
Armenia's distribution grids.

"The investor has plans to invest about $90 million in the
modernization of the electricity metering system, repair and
construction of distribution grids in Armenia," according to materials
for Thursday's meeting in Moscow between Russian Prime Minister Dmitry
Medvedev and Armenian Prime Minister Nikol Pashinyan.

ENA was previously owned by Russia's Inter RAO (MOEX: IRAO), which
decided to sell the company to Samvel Karapetyan's Tashir Group in
2015 amid a difficult situation that arose after electricity rates in
Armenia were raised. The rate hike caused a public outcry that led to
weeks of protests in Yerevan. The deal between Inter RAO and Tashir
was closed at the end of 2016.

In addition, the materials state, PolyArm LLC, a subsidiary of Russian
miner Polymetal International, intends to continue exploration and
process operations at the Lichkvaz-Tem gold and copper deposit.
PolyArm acquired 100% of shares in the Armenian company that holds the
license to this deposit in April-November 2015, and the company CJSC
LV Gold Mining was set up to develop it.