NEW OWNERS OF ARMENIAN ELECTRICITY NETWORKS ARRIVED IN YEREVAN

PanARMENIAN.Net - The new owners of the Armenian electricity supply networks -representatives of Midland Resources British company - have arrived in Yerevan. The process of passing the electricity distribution networks to the British company will last until the end of November. Let us note that the British company is ready to pay 37 million US dollars for 80.1% of the shares of "Electricity Supply Networks of Armenia" CJSC. Midland Resources will transfer 12 million dollars after signing the contract, and the rest 25 million will be directed to repay the salary debts to employees, make payments to the budget and social insurance fund, as well as to repay credits. In the words of "Electricity Supply Networks of Armenia" technical director Mnatsakan Mnatsakanian, 60% of the network equipment needs renewal, and the power lines are almost entirely threadbare. "Without serious investments it is not possible to restore the networks," - the technical director said. Let us remind that British Midland Resources Holding Ltd. was recognized as winner of the contest on privatization of the electricity supply networks of Armenia August 26. According to the terms of the competition, Midland Resources is not empowered to sell 67% of the network shares without the consent of the government and the competition commission. Besides, the British company cannot pawn the network stocks. According to the information possessed by "Arka" agency, the European Bank for Reconstruction and Development may buy the rest 19.9% of the shares of "Electricity Supply Networks of Armenia" CJSC.