GAZPROM SIGNS DEAL TO SUPPLY GAS TO ARMENIA IN 2009-2010

Interfax
Sept 17 2008
Russia

Gazprom (RTS: GAZP) on Tuesday signed a contract to supply gas to
Armenia in 2009-2010.

The signing of the new gas contract was "highly praised" at a meeting
Tuesday between Gazprom chief executive Alexei Miller and ArmRosgazprom
head Karen Karapetian, the Russian gas giant said in a press release.

"The contract calls for a gradual increase in prices for gas in 2009
and 2010. This due to the fact that Gazprom, being the principal
shareholder of ArmRosgazprom, not only sells gas to Armenia, but also
participates in its transportation and sale in the country. Considering
the high level of cooperation with Armenia, Gazprom is interested
in the strategic development of the Armenian gas market. Following
the third phase of investment in ArmRosgazprom, Gazprom’s share
in the company’s charter capital amounts to a qualified majority,"
the release said.

Miller and Karapetian also discussed the transition to European
pricing principles for Armenia. The new price for gas, as in Russia,
will go into effect in 2011.

Gazprom supplied 2.05 billion cubic meters of natural gas to consumers
in Armenia in 2007.

From: Emil Lazarian | Ararat NewsPress