Armenia has begun the official nationalization of a Russian oligarch's energy company

The Armenian government has initiated the process of nationalizing the company “Electric Networks of Armenia” (ENA), a majority stake in which is held by the “Tashir” group owned by Russian businessman Samvel Karapetyan.

On October 15, the government declared that 100% of the company’s shares are of exceptional public interest. 

Previously, the regulator had suspended ENA’s license to distribute electricity, and the owners were offered the opportunity to sell their shares to the state. However, they did not respond to the offer within the specified time frame.

Armenian Prime Minister Nikol Pashinyan stated the need to assess the value of the shares and determine the amount of compensation for the current owners. The authorities also plan to review the legality of the company’s privatization, emphasizing that this review will take place separately from the nationalization process.

The transfer of shares to state ownership is scheduled to begin no later than May 1, 2027, and to be completed by October 1, 2027.

Source: Armenpress

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