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Government Not to Object Sale of ENA to Russian Company

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  • Government Not to Object Sale of ENA to Russian Company

    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.
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