GAZPROM INCREASES ITS SHARE IN ARMROSGAZPROM UP TO 80%

Regnum, Russia
Feb 21 2007

Gazprom intends to increase its share in ArmRosgazprom (Armenia) up
to 80%. As a REGNUM correspondent is told at Gazprom’s press office,
at present moment Gazprom owns 57.6% of ArmRosgazprom shares.

The increase will take place in connection with an agreement of
March 31, 2006 that defines strategic principals of cooperation in
gas and energy projects in the Armenian territory. Gazprom intends
to extend its share at the expense of buying bonds of the company
issued additionally.

ArmRosgazprom is Armenia’s only natural gas supplier.Earlier, the
Armenian government owned 45% shares worth $126 mln, Gazprom had 45%
and Itera had 10% ($28 mln). The company’s authorized capital stock
was $280 mln. After Gazprom bought excess shares last year worth $118.8
mln, ArmRosgazprom’s authorized capital stock totaled $398.8 mln.
From: Baghdasarian