YEREVAN. - Armenia’s Ministry of Energy and Natural Resources together with Russia’s Energy Ministry has agreed on the Terms of Reference of the audit to be conducted at the Electric Networks of Armenia (ENA) CJSC, as reported by Armenia’s Ministry of Energy and Natural Resources.

The Terms of Reference are aimed at receiving the opinion of an independent international authoritative company regarding three issues. 

“The first issue is the conclusion regarding the reasonableness of prices for 2009-2014, and the investigation of the level of trade and technological losses; the second issue is the effectiveness of the implemented investment projects, as well as the investigation of the reasonableness of payments for real property and vehicles; the third issue is the assessment of the efficiency of company management,” the statement of the Ministry reads.

According to Armenia’s Law on Procurement, ENA has announced an open competition for providing audit services. The winning company will complete its investigation 4 months after signing the agreement and will present its final report 30 days thereafter.  

The competition applications will be submitted till 30 September 2015. The audit results will be made public, the statement reads.