ARMROSGASPROM LEADERSHIP DISCUSSES 2009 PROJECTS IN ARMENIA

ARKA
Feb 5, 2009

YEREVAN, February 5. /ARKA/. The Directorial Board of Armenia’s gas
monopoly ArmRosGasProm has discussed short-range objectives.

"During the meeting, the ArmRosGasProm Directorial Board summed up
the 2008 results and discussed this year’s programs," the company’s
press service reports.

The company’s leadership also discussed current issues and made
relevant decisions.

As of February 1, 2009, some 575,844 gas consumers were recorded in
Armenia, with natural gas supplies to the country increasing by 9.74%
year-on-year to about 2.254bln cubic meters (against 2.054bln cubic
meters in 2007). Gas consumption rose 11.2% year-on-year to over
2.078bln cubic meters (1.869bln cubic meters in 2007).

Monopolist in Armenia’s gas supply market, ArmRosGasProm CJSC was
established in 1997. Gazprom OJCS and the RA Ministry of Energy
used to hold 45% of the company’s shares each, with Itera Oil and
Gas Company owning 10% of ArmRosGasProm. After implementing two
of the three planned stages of its investment program (and buying
extra shares of ArmRosGasProm in 2006 and 2008) Gazprom became
75.55% shareholder of the company, with Itera now holding 4.44%
of ArmRosGasProm’s shares.