- Shoghik Galstian
Prime Minister Nikol Pashinian indicated on Thursday that his government will complete soon the controversial nationalization of Armenia’s national electric utility owned by billionaire and opposition leader Samvel Karapetian.
Pashinian called for the nationalization of the Electric Networks of Armenia (ENA) operator in June 2025 just hours after Karapetian was arrested on charges stemming from his strong criticism of Pashinian’s crackdown on the Armenian Apostolic Church.
Karapetian was also charged with tax evasion, fraud and money laundering following his subsequent decision to set up his own political group that was the main opposition contender in Armenia’s recent parliamentary elections. The tycoon, who was moved to house arrest in December, rejects all the accusations as politically motivated.
The government seized ENA in July 2025 before having the Public Services Regulatory Commission (PSRC) revoke the operating license of its parent company, which is part of Tashir Group, Karapetian’s Moscow-based business conglomerate. Tashir appealed to the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) against what it calls an illegal “expropriation” of Karapetian’s biggest asset in Armenia. It is seeking $500 million in damages.
In February this year, the Armenian government formally offered Tashir to give up ownership of ENA practically for free. Karapetian’s representatives laughed off the offer.
“In the case of ENA, we have made up our mind at the conceptual level: it will be state property which will be transferred to an accredited management company,” Pashinian told a weekly cabinet meeting in Yerevan on Thursday.
He did not say whether it will be an Armenian or foreign company. Minister of Territorial Administration and Infrastructures Davit Khudatian said in this regard that the government is planning to hire an “operator with international experience.“
“The prime minister’s statement today was in line with that logic,” he told RFE/RL’s Armenian Service. “I cannot provide any other details because there hasn’t really been an in-depth discussion on the details so far.”
Davit Ghazinuian, ENA’s former chief executive who is now a senior member of Karapetian’s Strong Armenia alliance, insisted that no reputable energy firm will agree to take over the utility amid the ongoing arbitration proceedings in Stockholm. Ghazinian claimed that Pashinian may be planning to hand over ENA to a government-linked Turkish or Azerbaijani company for geopolitical considerations. Khudatian dismissed the claim.
—