Prime-Tass English-language Business Newswire
October 27, 2006 Friday 5:34 PM EET

Russia’s Gazprom brd OKs increasing stake in ArmRosgazprom to 58%

Russia’s natural gas monopoly Gazprom’s board of directors has
approved increasing the company’s stake in Armenia’s ArmRosgazprom to
58% from 45%, Gazprom said in a statement Friday.

Gazprom plans to purchase additional shares of ArmRosgazprom, the gas
giant said.

ArmRosgazprom, created in 1997, has a monopoly on imports and
distribution of Russian natural gas in Armenia. It also specializes
in transportation, storage, processing, distribution and sales of
gas, as well as in reconstruction and expansion of underground
storage facilities and gas transportation systems in Armenia.

At the present time Armenia’s Energy Minister owns a 45% stake in
ArmRosgazprom, while Russian natural gas producer Itera holds 10%.