ARMRUSGASPROM TO ISSUE BONDS OF ONE BILLION DRAMS

Noyan Tapan
May 21 2007

YEREVAN, MAY 21, NOYAN TAPAN. The Board of Directors of ArmRusgasprom
CJSC approved the program of issuing medium-term corporate bonds,
which is aimed at financing the work on gas supply network installation
for potential users.

According to a press release submitted to NT from ArmRusgasprom, with
the aim of assessing the process of bond issuing by ArmRusgasprom,
the company is now carrying out an active work with the participation
of Cascade Invest Bank.

In order to issue corporate bonds in the amount of a billion drams
(about 2.8 mln USD), ArmRusgasprom CJSC has developed the "Declaration
of Securities Registration" which it intends to submit to the Central
Bank of Armenia (CBA).