GAZPROM AND ARMROSGAZPROM PLANS TO SIGN NEW CONTRACTS

RIA OREANDA
Sept 17 2008
Russia

Moscow. ">OREANDA-NEWS . September 17, 2008. The Gazprom Headquarters
hosted today a working meeting between Alexey Miller, Chairman of
the Companys Management Committee and Karen Karapetyan, Chairman of
the Board of ArmRosgazprom.

Within the meeting the parties highly evaluated the signing of the
new contract for gas supply to Armenia. The contract stipulates
a gradual increase in the gas price between 2009 and 2010. The
increase is driven by the fact that besides purchasing gas to Armenia,
Gazprom, being ArmRosgazproms major shareholder, also deals with gas
transmission and marketing in the Republic. Taking into account a high
level of cooperation with Armenia, Gazprom is interested in strategic
development of the Armenian gas market. Upon completion of the third
phase of the investment stage in ArmRosgazprom Gazprom will obtain
a qualified majority in the companys equity capital.

Alexey Miller and Karen Karapetyan also discussed transition by
Armenia to the pricing formula principles corresponding with the
European ones. The new gas price in Armenia, as well as in Russia,
will be effective since 2011.

From: Emil Lazarian | Ararat NewsPress