According to Armenian energy legislation, the company is not entitled to sell its shares in the AEN without obtaining permission from the Armenian government and the committee.
Midland Resources, which acquired a 100% of AEN shares at $40 million, lent shares to the Russian company Interenergo for a 99-year term at an estimated cost of $73 million, while retaining its ownership of the stock.
Interenergo is a joint venture, 60% owned by the Russian Inter Unified Energy System, the asset of the state holding Russian Unified Energy System, and 40% owned by the Rosenergoatom concern, a state-owned - and the world's largest - nuclear power generating company.
Inter UES, the export-import electricity operator, has trade deals on electricity supply with Armenia, Belarus, Georgia, Kazakhstan, China, Moldova, Mongolia, Lithuania, Latvia, Norway, Russia, Ukraine and Finland. It also manages energy facilities in Armenia, Georgia, Moldova and Russia.