PROPERTY FOR DEBT 2. THE SHOW MUST GO ON

Lragir.am
07 April 06

After the meeting of the government Minister of Energy Armen Movsisyan
stated April 6 that the government approved the agreement signed with
Gasprom on subsidizing gas.

Minister Armen Movsisyan, the representative of the government in the
negotiations with Gasprom, also announced that Russia committed not to
not increasing the price of gas for the next three years. The
government of Armenia has allocated about 188 million dollars for
subsidizing. The subsidy funds were raised from the sale of the fifth
generating unit of the Thermal Power Plant of Hrazdan to Gasprom. The
generating unit was sold at 248 million dollars.

Besides, Gasprom committed to invest 140-160 million in the fifth
generating unit of the Thermal Power Plant.

The minister of energy says Russians committed to finishing the
construction of the fifth generating unit within three years. The
commitments are set down in the agreement, and sanctions are foreseen
in case they fail to carry out their commitments, says Armen
Movsisyan. He did not give more details. He said the details are
commercial secrets.