Prime-Tass English-language Business Newswire
July 20, 2004

ArmRosgazprom to increase gas supplies to Armenia 16.6% in 2004

YEREVAN, July 20 (Prime-Tass) — Russian-Armenian joint venture
ArmRosgazprom plans to supply 1.4 billion cubic meters of natural gas
to Armenia in 2004, up from 1.2 billion cubic meters in 2003, but
down from the initially planned 1.6 billion cubic meters, the
company’s press service reported Tuesday.

This change is due to relatively low natural gas consumption in the
Armenian energy sector.

In January-April Russian natural gas monopoly Gazprom supplied 513.9
million cubic meters of natural gas to Armenia.

In 2004 ArmRosgazprom expects to invest 8.273 billion Armenian drams,
including 6.126 billion drams to expand the gas distribution network.

In 2004-2007 ArmRosgazprom plans to invest about 50 billion Armenian
drams.

ArmRosgazprom, the sole natural gas supplier to Armenia, was set up
in 1997 by Gazprom with a 45% stake, Russia-based international gas
trader Itera with 10% and Armenia’s Energy Ministry with 45%. (522.37
Armenian drams – U.S. USD 1) End