Sale Of 20 Percent Share In Gas Distribution Network To Russia’s Gaz

SALE OF 20 PERCENT SHARE IN GAS DISTRIBUTION NETWORK TO RUSSIA’S GAZPROM WAS LEGAL, AD HOC COMMISSION CONCLUDES

YEREVAN, April 7. / ARKA /. The sale of the Armenian government’s 20
percent share in the domestic gas distribution network ArmRosGazprom
(ARG) to Russia’s Gazprom monopoly was legal and in accordance with
law, an ad hoc parliamentary commission concluded.

The Armenian government sold its minority share to pay half of a $300
million debt to Gazprom, which was incurred as a result of subsidizing
the Russian gas price from 2011-2013. The other half of the debt was
written off by the Russian company. Gazprom was also granted 30-year
exclusive rights in the Armenian energy market. The deal made Gazprom’s
the only owner of the network.

The conclusion was announced today by the head of the ad hoc commission
MP Vardan Ayvazyan from the ruling Republican Party of Armenia.

The deal with Gazprom was signed in January 2014 and later was backed
by 77 members of the parliament. Ayvazyan cited this as a confirmation
of the legality of the deal.

Later ArmRosGzprom was renamed Gazprom Armenia. Under the agreement
with the Armenian government, Gazprom is to deliver to Armenia 2.5
billion cubic meters of gas annually. Gazprom Armenia, established
in December 1997, deals with transportation, storage, distribution
and sale of Russian natural gas in Armenia. .-0-

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