Without Armenia’s consent, the US cannot decide to give away even one percent of its shares to any country or individual: Mirzoyan on TRIPP

Through the US company TRIPP Development Company USA, the United States will hold 74% of the shares in the Armenian TRIPP Development Company, which is less than three-quarters, while the Republic of Armenia will hold 26% of the shares. Foreign Minister Ararat Mirzoyan made this statement during a regular meeting of the National Assembly’s Standing Committee on Foreign Relations.

“This arrangement will remain in effect for 49 years. The parties may, of course, extend their legal relationship and the implementation of the project. In that case, automatically and without any additional involvement, investment, financial contribution, or other input from the Republic of Armenia, Armenia’s shareholding will immediately increase to 49%, while the US company TRIPP Development Company USA will hold 51%,” he noted.

Mirzoyan emphasized that the decision-making procedure is also extremely important.

“A range of matters is being established for which the consent of the Republic of Armenia will be mandatory, regardless of the fact that we hold only 26% of the shares. This range of matters is quite broad and highly significant.

“There can be no situation in which the United States, through TRIPP Development Company USA, decides to give away, for example, 1% of its 74% stake to an individual or another country without Armenia’s consent.

“Such matters include entering into major financial and contractual transactions, approving concession terms, establishing subsidiaries or special-purpose entities, as well as other issues related to national security and political significance. In other words, this is a fairly broad range of matters on which Armenia’s vote and consent will be mandatory, regardless of whether we hold just 26% or even less than that. Even if we have only one vote, Armenia’s approval will still be required for these matters,” the foreign minister explained.