AUTHORIZED CAPITAL OF ARMRUSGAZPROM COMPANY TO MAKE ABOUT ONE BILLION DOLLARS IN 2009

Noyan Tapan
April 16, 2008

YEREVAN, APRIL 16, NOYAN TAPAN. ArmRusgazprom company is currently
conducting active negotiations witn Rissia and Iran on the issue of
constructing an oil refinery in Armenia. The chairman of the board of
ArmRusgazprom, director general Karen Karapetian said at the April
16 press conference that they are also negotiating with companies
of Georgia, Iran and Turkmenistan around electricity export. The
construction and assembly of Kajaran-Ararat section of Iran-Armenia
gas pipeline is now in process and will be completed this year. The
work is being done with the company’s resources – at the expense of
an additional issue of shares of ArmRusgazprom, which will allow to
ensure supply of natural gas of 1.1-2.3 billion cubic mters a year.

K. Karapetian informed those present that the program on issue of
corporate bonds of a total of 5 billion drams (about 16 mln USD)
has been approved and will be implemented in the first half of this
year. In 2009, the authorized capital of the company will make about 1
billion USD, while market capitalization will amount to 1.5-2 bln USD.

Summarizing the results of the company’s activities in the past seven
years, K. Karapetian said that the payments to the RA state budget
have increased 11fold, the payments to the pension fund – 7.5fold. The
amount of gas imports and sales in Armenia have grown over twofold,
while the number of actual users has increased 5.1fold. The annual
investments have grown from 2 bln drams to 48 bln drams, and it is
envisaged to increase this index to 67.4 bln drams this year.

From: Emil Lazarian | Ararat NewsPress