INVESTMENTS BY ARMROSGASPROM IN GAS INSTALLATIONS TOTAL 3.2BLN DRAMS IN ARMENIA

ARKA
Dec 29, 2008

YEREVAN, December 29. /ARKA/. ArmRosgasprom company completed all the
works on gas installations provided for under this year investment
program. The total volume of the investments made was 3.2bln Drams,
the company’s press service reported.

The last facility where a gas installation was made this year was
Arazap community of the country’s Armavir region where the arrival
of blue fuel was marked the day before.

In 2008, ArmRosgasprom company provided gas installations to 109
facilities under the program on restoration of gas supply.

About 150 kilometers of gas pipeline was built. Deputy General
Director of ArmRosgasprom Khachatur Baghdasaryan said that gas supply
was installed in 38 new settlements, including 11 ones where the
company carried out the gas installation works at its own expense
(the government paid for the remaining 27).

In total, 45 Armenian towns and 465 villages have natural gas
today. The number of potential subscribers went 21,000 up to
675,000. Real number of subscribers grew by 58,000 people to 574,000
people.

"ArmRosgasprom" holds the monopoly for supply and distribution of the
Russian natural gas on the domestic market in Armenia. The company
was founded in 1997. "Gasprom" open joint stock company and Armenian
Ministry of Energy had 45% of the shares each with the remaining 10%
belonging to "Itera".

After implementation of two out of three planned investment stages of
the project (after purchase of additional shares of ArmRosgasprom in
2006 and 2008) the share of "Gasprom" company in the authorized stock
has increased to 75.55%. The share of the Armenian Government is 20%
and that of "Itera" 4.44%. (1$=308.42Drams).