ARMROSGASPROM (ARMENIA) TO INVEST $10MLN IN HOLIDAY CENTER

ARKA
March 17, 2009

YEREVAN, March 17. /ARKA/. Under a renovation program for the Adigas
holiday center in Tsakhkadzor, the ArmRosgasprom CJSC plans to
invest $10mln.

The ArmRosgasprom press service reports that the renovation work will
last from this April to the end of next year.

The program is based on a decision made by the ArmRosgasprom Board
of Directors. The decision provides for the renovation of the Adigas
holiday center and construction of a health care center for the
company staff.

The funds will be invested in the construction of a sports and fitness
hotel complex in conformity with international standards.

"The investments will contribute to the development of the Armenian
tourist industry," the report says.

The ArmRosgasprom holds a monopoly of the distribution of Russian
natural gas in Armenia. The gas is supplied to Armenia through Georgia.

The comp[any was founded in 1997. Gasprom’s share in its authorized
capital is 75.55%, the RA Government’s share 20% and that of the
Itera Company 4.44%.