Armrosgazprom to Invest USD 24 Million in Armenian Gas Sector Over Next
Three Years

Rosbalt
01/04/2004, 12:04

YEREVAN, April 1. The gas company Armrosgazprom intends to invest nearly USD
7.7 million in 2004 into a program aimed at reconstituting Armenia’s gas
sector. As reported to a Rosbalt correspondent by the Armenian information
service, the deal was announced by the director of Armrozgazprom, Karen
Karapetian, at a working meeting chaired by Robert Kocharian. Karapetian
added that in 2005-2006, the company planned to invest a further USD 16
million in Armenia.

The Armenian energy ministry and Gazprom each control 45% of the shares of
Armrosgazprom, while 10% belong to the company Itera. The company is the
sole gas producer in Armenia.