ARG PLANS TO ISSUE 1 BILLION DRAMS WORTH CORPORATE BONDS

ARMENPRESS
May 21 2007

YEREVAN, MAY 21, ARMENPRESS: The board of directors of Armrosgazprom
(ARG), a joint Russian-Armenian natural gas supplier venture, has
approved of a mid-term program for issuing mid-term corporate bonds
to raise funds to continue connecting urban and rural communities to
the natural gas network.

The press office of the company said it has asked the Cascade
Investment bank to assess the project.

The company is set to issue 1 billion Armenian Drams worth bonds.