RUSSIA’S GAZPROM UPS STAKE IN ARMROSGAZPROM TO 60.69%
Prime-Tass English-language Business Newswire
December 19, 2006 Tuesday 6:46 PM EET
Russian natural gas monopoly Gazprom has increased its stake in
Armenia’s ArmRosgazprom to 60.69% from 45%, Gazprom said in a
statement Tuesday.
The change in ArmRosgazprom’s ownership became effective November 20.
Prior to the deal Armenia’s Energy Ministry held a 45% stake in
ArmRosgazprom, while Russian natural gas producer Itera held 10%.
In October, Gazprom’s board of directors approved increasing the
company’s stake in ArmRosgazprom to 58% through the purchase of
ArmRosgazprom additional shares.
ArmRosgazprom, created in 1997, has a monopoly on the import and
distribution of Russian natural gas in Armenia. It also specializes
in the transportation, storage, processing, distribution and sale of
gas, as well as in the reconstruction and expansion of underground
storage facilities and gas transportation systems in Armenia.
From: Emil Lazarian | Ararat NewsPress
