ARMROSGASPROM’S INVESTMENTS IN YEREVAN’S GAS SECTOR $24MLN SINCE 2002

ARKA
April 11, 2008

YEREVAN, April 11. /ARKA/. Since 2002, the ArmRosgasprom Company’s
investments in Yerevan’s gas-supply system have totalled 7.5bln AMD
($24mln).

Director of the Yerevangas branch, ArmRosgasprom Company, Vardan
Harutyunyan reported that the company’s investments in the city’s
gas-supply system totalled 506.9mln AMD in 2007 alone.

He reported that ArmRosgasprom’s investments in Yerevan’s gas-supply
system totalled 186.6mln AMD in 2002, 963.8mln AMD in 2003, 1,479.5mln
AMD in 2004, 2,149.4mln AMD in 2005 and 2,221.1bln AMD in 2006.

On March 7, 2008, The RA Public Services Regulatory Commission approved
ArmRosgasprom’s 45,188.5mln AMD (VAT exclusive) investment program
for 2008-2010.

ArmRosgasprom’s investments in Armenia’s gas-supply system are to
reach 31.2bln AMD (about $100.8mln) in 2008.

The ArmRosgasprom Company was founded in 1997, and its current capital
is $580mln. The Gasprom Company holds 57.59% of the company’s shares,
RA Ministry of Energy 34.7% and the ITERA oil and gas company 7.71%.