Inter RAO EES energy holding made no statement about selling Electric Networks of Armenia

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Economy

18.12.2014, 12:22

Inter RAO EES has made no statement saying it intends to sell its “Electric Networks of Armenia” closed joint stock company, deputy minister of energy and natural resources Areg Galstyan told reporters on Thursday, referring to the head of the energy holding Boris Kovalchuk who was in Armenia in early December.

Inter RAO EES energy holding made no statement about selling Electric Networks of Armenia

YEREVAN, December 18. /ARKA/. Inter RAO EES has made no statement saying it intends to sell its “Electric Networks of Armenia” closed joint stock company, deputy minister of energy and natural resources Areg Galstyan told reporters on Thursday, referring to the head of the energy holding Boris Kovalchuk who was in Armenia in early December.

According to Galstyan, Inter RAO EES is interested in doing business in Armenia.

Deputy minister of energy Yosif Isayan, in his turn, said an agreement was reached to develop a program for solving financial issues during Kovalchuk’s visit in Armenia on December 11. A delegation of Inter RAO EES is expected to arrive in Yerevan soon for discussion of further steps and the way out of the current situation. The final solution is expected to be ready by February, Isayan said.

According to the ministry of energy, the loan portfolio of Electric Networks of Armenia is about $220 million, which provoked instability in the energy market as many of the loans taken by the company are not included in the electricity tariffs.

Electric Networks of Armenia CJSC is distributing electric power in Armenia and exporting it to Georgia and Nagorno-Karabakh Republic. -0--

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