NO SALE OF HAYRUSGAZARD SHARES DISCUSSED IN MOSCOW

ArmenPress
May 17 2004

YEREVAN, MAY 17, ARMENPRESS: HayRusGazArd company, a joint
Russian-Armenian company and the sole natural gas supplier to Armenia,
denied today media allegations that president Kocharian discussed
during his weekend visit to Moscow with the chief manager of Russian
Gazprom the question of handing over 45 percent of HayRusGazArd shares
to the Russian company.

A spokeswoman for HayRusGazArd, Shushan Sardarian, said 45 percent
of the company’s shares belong to the government of Armenia, another
45 percent to Gazprom and 10 percent to Itera.

She said Gazprom CEO Alexey Miller and Robert Kocharian discussed the
current situation with Russia’s gas supplies to Armenia and issues
connected with the condition of the gas network in Armenia.

From: Emil Lazarian | Ararat NewsPress