CANADIAN COMPANY INDUSMIIN ENERGY INVESTS $10 MLN IN PROSPECTING OF GAS AND
OIL IN ARMENIA

YEREVAN, APRIL 21. ARMINFO. The Canadian company Indusmiin Energy
invests $10 mln in prospecting of oil and gas in Armenia, Armenian
Minister of Energy Armen Movsisyan said at a press-conference today.

He said that a preliminary agreement on this has already been reached
with the Armenian Government, with the funds to be invested mainly in
prospecting of gas in Armavir region. The minister said that gas
reserves are not enough for industrial extraction, however, they are
of great importance for Armenia. Movsisyan said that Armenian
President Robert Kocharyan instructed that the whole energy potential
of the country be researched. As a result, Armenia proved to have
rather great potential of geothermal energy. At present, the Canadian
company continues this research and the exact volumes of oil and gas
reserves of Armenia can be determined in three months. “The
preliminary indicators are attractive enough,” the minister said.

He said that the prospecting on oil and gas were carried out yet in
the Soviet period, but they were not completed for lack of funds.