July 8, 2005 - 09:12 AMT
WB DISCONTENT WITH MYSTERIES MADE OF SALE OF ARMENIAN ELECTRIC NETWORKS CJSC
The World Bank expressed discontent in view of the "mysteries" made of the sale of Armenian Electric Networks CJSC to Interenergo included into the RAO UES of Russia company group, World Bank Armenia Country Manager Roger Robinson stated at a press conference yesterday. He informed of being aware of the financial report issued by the RAO UES of Russia, which records of the sale of 100% of the Armenian Electric Networks CJSC stocks for $73 million. "I have also heard that the agreement was signed not on sale but on conveyance to trust management. Nevertheless the Armenian Government does not make any statements on the issue and it's still unclear whether the RAO is the owner or manager", Mr. Robinson said expressing hope that he will receive official information, which could cast light on the developments next week. To remind, according to the report of the Russian Holding, Interenergo has purchased 100% of the stocks for $73 million. Meanwhile information of the bargain was spread in Yerevan early February. In 2002 Midland Recourses Holding Ltd purchased the Armenian Electric Networks with $37 million. At that $25 out of $37 million was destined to cover the debts to the budget and payment of salaries. Presently the RAO UES of Russia owns the Sevan-Hrazdan cascade of hydro power plants and regulates the financial flows of the Armenian Nuclear Power Plant. In May 2003 the holding founded International Energy Corporation for the management of the Sevan-Hrazdan cascade conveyed to Russia to pay off the debt for the nuclear fuel. RAO also participates in the Iran-Armenia construction. In part, the Russian party is going to build the fifth block of the Hrazdan Heat power plant, which will supply Iran with the Armenian energy against the natural gas received, IA Regnum reported.