GAZPROM’S ARMENIAN UNIT PLANS IPO
The Moscow Times, Russia
july 10 2007
Gazprom’s Armenian unit, ArmRosGazprom, plans to issue shares on a
foreign exchange in an initial public offering as early as this year.
The company may sell $1 billion in shares, Shushan Sagaryan, a
spokeswoman for the firm, said by telephone Monday from Yerevan.
Haik Papian, CEO of Yerevan-based Cascade Investments, which is
advising ArmRosGazprom on the sale, said the final figure had not
been set and would probably be less.
"One billion dollars may be the long-term figure" for the total share
sale, Papian said. "At the beginning, I think we’re talking about
something closer to $100 million."
ArmRosGazprom, Armenia’s only gas distributor, buys fuel from Gazprom
at a price of $110 per 1,000 cubic meters. Gazprom charged its European
customers an average of $260.70 per 1,000 cubic meters in 2006.