Pashinyan unveils plan to transfer Electric Networks of Armenia to trust management

Armenia will retain ownership of its national power distribution company while transferring its management to a private operator, Prime Minister Nikol Pashinyan said on Wednesday, outlining the government’s latest restructuring plans for key assets.

“The state will transfer ‘Electric Networks of Armenia’ to the trust management of a private company,” Pashinyan told a cabinet meeting, according to Armenian media cited by Caliber.Az.

“We have made a conceptual decision regarding the ‘Electric Networks’ — it will remain state property but be transferred to trust management,” he said.

Pashinyan also signalled a shift in policy toward industrial holdings, arguing that continued state ownership of manufacturing enterprises would be inappropriate. He said such assets — including the AraratCement plant owned by businessman and Prosperous Armenia Party leader Gagik Tsarukyan — should be privatised through transparent tenders. However, the government intends to retain minority stakes and representation on their boards.

Electric Networks of Armenia, the country’s primary electricity distributor, has been owned since 2016 by the Tashir Group, founded by Russian businessman Samvel Karapetyan. Pashinyan previously announced plans to nationalise the company following a search of Karapetyan’s residence and his arrest in the summer of 2025.

By Tamilla Hasanova