Russo-Armenian company to invest in gasification over $23million

RIA Novosti, Russia
April 1 2004


YEREVAN, April 1, 2004. (RIA Novosti) – Armenian President Robert
Kocharyan held a meeting devoted to gasification of houses in Armenia
in 2004 – 2006. Karen Karapetyan Director General of joint
Russo-Armenian company “ArmRosgazprom” said the company would
allocate $7.7 mln for implementation of the gasification program this
year. As a result, the number of gas consumers in Armenia will rise
by 118 thousand.

According to Mr. Karapetyan, some $16 mln will be invested in the
program in the next two years.

“ArmRosgazprom” is an only supplier of natural gas to Armenia’s
domestic market. The company was founded in 1997. Its goal is not
only to supply local consumers with Russian gas but also to transport
it via Armenia to other states. Forty-five percent of all shares are
owned by the Armenian Energy Ministry, 45 percent are owned by
Russian Gazprom, the rest 10 percent of shares are owned by private
Russian oil and gas company ITERA. The authorized capital stock of
ArmRosgazprom makes up $270 mln.