ARMROSGASPROM TO INVEST 7.7BLN DRAMS THIS YEAR TO MODERNIZE GAS DISTRIBUTING SYSTEM IN ARMENIA

ARKA
July 25

ArmRosgasprom, an Armenian Russian company importing and distributing
natural gas in Armenia, is going to invest 7.7bln drams ($25.6mln) to
reconstruct the gas distributing system by the end of this year. The
company says 3bln ($9.96) will be spent to construct a new gas
distributing station for Yerevan, the fourth one.

1.1bln drams ($3.7mln) will be used to relay the accident-prone gas
pipelines, and 3.6bln drams ($11.9mln) to regulate gas supply modes,
improve gas supply system and ensure safe operation.

ArmRosgasprom has a monopoly right to deliver and distribute Russian
natural gas on Armenian market. The company was founded in 1997. Its
current capital totals 278bln AMD ($900mln). The shareholders are
Gasprom (81.16%), the Ministry of Energy and Natural resources of
Armenia (22.78%) and the Itera oil and gas company (5.06%).