GAS PRICE TO RISE TO $200 PER 1,000 CUBIC METERS IN ARMENIA FROM APRIL 2010

ARKA
Sep 23, 2008

YEREVAN, September 23. /ARKA/. Armenia will pay $200 (VAT inclusive)
per 1,000 cubic meters of gas starting from April 2010, said Karen
Karapetyan, president of the ArmRosGasProm Company.

As from April 1, 2009, gas price will be $154 (VAT inclusive) per
1,000 cubic meters, compared with current $110 (VAT inclusive).

Karapetyan believes the Armenian government-Gazprom agreement 2009-2015
is mutually beneficial.

Gazprom agreed to sign a mid-term contract with Armenia, taking into
account strategic cooperation between Armenia and Russia, as well as
Gazprom’s successful business in Armenia.

The agreement helps Armenia avoid hikes in gas price.