GAZPROM TO INCREASE ITS AUTHORIZED CAPITAL IN ARMRUSGAZPROM BY 118 MILLION DOLLARS

Noyan Tapan
Oct 31 2006

YEREVAN, OCTOBER 31, NOYAN TAPAN. The Russian company Gazprom will
increase its authorized capital in ArmRusgazprom (thus increasing
its stake to 58%) through additional issue of shares of 118 million
dollars. Karen Karapetian, Chairman of the ArmRusgazprom Board,
Executive Director of the company, stated this at the October 31
press conference. At present, the Armenian government and Gazprom
own 45% of ArmRusgazprom shares each, and Itera owns the remaining
10% of shares. It was noted that ArmRusgazprom’s authorized capital
currently makes 280 million USD, with the Armenian government’s
capital and that of Gazprom making 126 million dollar each. Karen
Karapetian did not rule out that the 5th power unit of the Hrazdan
Thermal Power Plant will be transferred to ArmRusgazprom’s balance,
as a result of which the authorized capital of Gazprom will increase.