ArmInfo. Romanos Petrosyan, the interim manager of the Electric Networks of Armenia (ENA) CJSC, has announced that the company owned by Samvel Karapetyan will be nationalized in mid-July.
Speaking to journalists on June 29, Petrosyan addressed questions regarding the current stage of the nationalization process, assuring that the proceedings are advancing quite intensively. "Very soon, by mid-July, the government will adopt a decision recognizing the company as an object of 'preeminent public interest,' after which a market valuation and compensation process will be conducted," he stated.
Recall, that since 2016, the ENA CJSC has been owned by the Tashir Group of Companies, headed by Samvel Karapetyan. Prime Minister Nikol Pashinyan announced the intention to bring ENA under state control following Karapetyan's public support for the Armenian Apostolic Church and his subsequent arrest. Later, the parliament adopted legislative amendments providing for the return of the company to state control. On July 18, 2025, the head of the Public Services Regulatory Commission (PSRC) appointed Romanos Petrosyan as the interim manager. Beginning July 24, 2025, Petrosyan initiated personnel changes among the company's senior officials, despite rulings from the Stockholm Arbitration Court against changing the company's governing bodies.
On August 9, 2025, Narek Karapetyan, a shareholder of ENA and CEO of Tashir Capital, filed a lawsuit in the Administrative Court of Armenia against the PSRC and its chairman, Mesrop Mesropyan, demanding that the PSRC's authority to replace the company's management be declared invalid.
On September 20, 2025, Prime Minister Nikol Pashinyan outlined the government's plans for ENA in parliament, noting that the process would follow one of two potential scenarios: either ENA would be fully nationalized and transferred to reliable private management while remaining state-owned, or a controlling stake would be transferred to a reputable international energy manager. He indicated that the government would only pursue the second scenario if the costs associated with the first were found to be disproportionately high for the state budget.
By a decision of the PSRC dated November 17, 2025, ENA CJSC had its electricity transmission license revoked, with the commission citing various violations in the company's operations. On February 17, David Ghazinyan, a member of the "Strong Armenia" party council and former CEO of ENA, stated during a press conference that the real value of the company is approximately $1 billion and that the owners would not agree to a sale at a deflated price. He alleged that the authorities are making every effort to artificially lower the company's market value, referencing Prime Minister Pashinyan's previous assertions that under certain circumstances, the company's valuation could be reduced.
"Such statements are not made without reason. The Tashir Group proposed engaging a major international valuation firm to determine the fair price of ENA and adding a 15% premium to that sum, but the authorities did not agree to this initiative," said the former CEO, adding that the authorities intend to "legalize an illegal takeover" of ENA by applying the mechanism of "preeminent public interest" at the lowest possible price. Ghazinyan noted that should the company be sold on terms unfavorable to the owners, they reserve the right to challenge the government's actions in court.
