GAS PRICE INCREASING

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[09:05 pm] 15 July, 2008

Chairman of the "Hayrusgazard" Board, Director General Karen Karapetian
today affirmed that an agreement was signed between him and Chairman
of the "Gasprom" JSC Board Alexei Miller on the price for gas supplied
into Armenia.

However, Karapetian did not announce the new tariff, which will be
put into effect since January 1, 2009. The new tariff was neither
announced by Sergey Kupriyanov, Press Secretary of Alexei Miller at
the interview with the "Liberty" Radio Station. The latter only noted
that Russian-Armenian relations had their say on fixing the price.

"The price will be reasonable, logical and comprehensible," Karen
Karapetian said.

Still back in April the Russian press published that "Gasprom" JSC
was going to increase the price for gas imported into Armenia by 50
per cent ($165 for 1000m3).