DRAFT AGREEMENT WITH CANADIAN CORPORATION INDUSMIN ENERGY
ON GEOLOGICAL PROSPECTING OF OIL AND GAS UNDER PREPARATION

YEREVAN, FEBRUARY 11. ARMINFO. In late February Armenia’s Energy
Ministry will approve a draft agreement with the Canadian corporation
“Indusmin Energy” on conducting geological prospecting of oil and gas
in Armenia, says the RA government’s program for 2005. Then the draft
will be submitted for government’s approval.

As energy minister Armen Movsesyan informed journalists earlier, by
prior arrangement Industium Energy is ready to invest $10 mln in oil
and gas prospecting in Armenia. The funds, in particular, will be
invested to geological survey of gas in the Armavir region. Minister
noted that Armenia’s gas resources are not enough for commercial
production but are important for the country. He added that oil and
gas prospecting was conducted in the Soviet time but were not
completed because of lack of funds. -R-