GAZPROM INCREASES STAKE IN ARMENIAN GAS DISTRIBUTION
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March 25 2009

Russian natural gas giant Gazprom has taken over Itera International
Energy’s shares in ArmRosGazprom, Armenia’s exclusive gas supplier,
Russian and Armenian news agencies reported March 26.

The Russian-owned Itera International Energy Group, which is involved
in energy-related business throughout the former Soviet Union, sold
its 4.5 percent equity share in the company to Gazprom on March 12,
the A1plus news site reported.

Through the deal, Gazprom increased its share in ArmRosGazprom to 80
percent. The Armenian government holds the remaining 20-percent stake.

Russia is the sole supplier of gas to Armenia. Construction was
recently completed on a new pipeline that will carry gas from Iran to
Armenia, but the Armenian Ministry of Energy has stated that Iranian
gas will in no way take the place of Russian gas, the Panorama.am news
site reported