YEREVAN. – The Russian Inter RAO UES company has submitted a formal petition to the Armenian government, requiring the latter’s approval to transfer, from  Interenergo B.V. company to Inter RAO Holding B.V. company, the full ownership of the shares of Electric Network of Armenia CJSC.   

Inter RAO Holding B.V. owns all shares of Interenergo B.V., whereas Inter RAO UES owns all shares of Inter RAO Holding B.V.     

Since change in the ownership of Electric Network of Armenia CJSC must be carried out with the Armenian government’s approval, this matter is included in the government’s September 15 session’s agenda.     

In its statement to the government, Inter RAO UES noted that Inter RAO Holding B.V. does not meet the initial qualification requirements of the tender for the privatization of electricity distribution companies in Armenia. And therefore Inter RAO UES is obligated to assume, on the principle of joint obligation, all obligations of Electric Network of Armenia CJSC’s purchase deal and those obligations pursuant to Armenian law. In addition, Inter RAO UES must become the permanent holder of at least 60 percent of the shares distributed to Inter RAO Holding B.V.