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Monday, 11 July 2005
WORLD BANK EXPRESSES CONCERN AT RUSSIAN PURCHASE OF ARMENIAN ENERGY-DISTRIBUTION NETWORKS
By empty (7/11/2005 issue of the CACI Analyst)
Roger Robinson, head of the World Bank\'s Yerevan office, expressed concern over the reported acquisition by Russia\'s state-run Unified Energy Systems (EES) of the Armenian Energy Network (AEN), RFE/RL\'s Armenian Service reported on 8 July. News of the alleged sale of AEN -- which the Canadian-owned Midlands Resources holding company acquired for $40 million in September 2002 -- to EES for $73 million surfaced late last month, but a spokeswoman for AEN rejected them, explaining that AEN has simply signed a management agreement with EES. But an announcement posted on the EES website on 7 July confirmed that an EES subsidiary has acquired AEN.
Roger Robinson, head of the World Bank\'s Yerevan office, expressed concern over the reported acquisition by Russia\'s state-run Unified Energy Systems (EES) of the Armenian Energy Network (AEN), RFE/RL\'s Armenian Service reported on 8 July. News of the alleged sale of AEN -- which the Canadian-owned Midlands Resources holding company acquired for $40 million in September 2002 -- to EES for $73 million surfaced late last month, but a spokeswoman for AEN rejected them, explaining that AEN has simply signed a management agreement with EES. But an announcement posted on the EES website on 7 July confirmed that an EES subsidiary has acquired AEN. The terms of the 2002 sale oblige Midland Resources to obtain permission from the Armenian government before reselling AEN. The Armenian government has not yet commented on the rumored sale. (RFE/RL)