Romanos Petrosyan on the Stateization of HETC: Factor

The temporary manager of Armenia's Electric Networks, Romanos Petrosyan, has addressed the process of the stateization of the electric networks in Armenia. In an interview with Factor TV, Petrosyan provided details regarding the stateization process of the company.

“As such, the negotiations apparently either did not take place or did not materialize at all. However, according to the procedures established by law, there was a three-month calendar period set for revocation and suspension of the license,” he said, referring to discussions with Tashir Capital.

February 21 was the deadline by which the government was supposed to make an offer, negotiate, and as a result of the transaction, the company's 100% shares would pass to the state. “I know that the government, through the Ministry of Territorial Administration and Infrastructure, has officially made this offer to the owners following the established legal procedure and timelines, but the transaction did not occur. This means that after February 21, according to Article 60 of the Constitution, the government, as a public interest, must recognize the 100% shares of our company and, following compensation payments, will be fully stateized. The process has entered that phase.”

Regarding the value of HETC and the price proposed by the government, Petrosyan refrained from disclosing figures, emphasizing that it is a legal process strictly governed by certain legal processes, pricing structures, regulations, including constitutional norms, and legislative norms; therefore, it is considered confidential at this time.