RUSSIAN GAS PRICE FOR ARMENIA NOT TO CHANGE UNTIL 2008

Arka News Agency, Armenia
Dec 6 2006

YEREVAN, December 6. /ARKA/. The price for the Russian gas supplied
to Armenia will not change until 2008 inclusive, and remain will
remain $110 for 1000m3, Sergey Kupriyanov, press secretary of GazProm
Company’s president reported. "We signed this agreement to be effective
until 2008. According to it, the gas price is not subject to change,"
he reported.

Kupriyanov reported that the agreement allows GasProm to increase
control over the Armenian-Russian company ArmRosgasprom that has the
monopoly right to supply gas to Armenia. "The part of GasProm’s shares
in this company will increase, now it amounts to 45%," he said.

According to the agreement on strategic partnership between the
Armenian government and GasProm as of April 6, 2006, Russia fixes
the gas price at $110 for 1000m3.

Director General of ArmRosgasprom Karen Karapetyan previously
reported that GasProm plans to increase its share in the capital of
ArmRosgasprom from the current 45% to 58% as a result of the purchase
of the additional issue of the Armenian-Russian company’s shares for
$118.8mln.

From: Emil Lazarian | Ararat NewsPress