ARMROSGAZPROM (ARMENIA) PLANS 65,783.3MLN AMD INVESTMENT PROFRAM FOR 2009-2011

/ARKA/
June 15, 2009
YEREVAN

The Armrosgazprom CJSC plans to implement a 65,783.3mln AMD investment
program in Armenia in 2009-2011.

According to the company’s program available on the website of the RA
Public Services Regulatory Commission, Armrosgazprom plans to invest
30,725.3mln AMD this year, 15,564.8mln AMD next year and 19,493.2mln
AMD in 2011.

Under the program, all the construction and renovation work will
be carried out under new projects, executive acts, as well as under
business programs of capital repair of the underground gas storage.

ArmRosgazprom’s investment program for 2009-2011 is aimed to
ensure uninterrupted and safe gas supply to consumers by attracting
investments to the gas transmission system.

The company plans to invest a total of 37,939mln AMD in the gas
transmission system during the period. The funds will be directed
to the renovation and modernization of gas mains, construction
and renovation of gas-distributing station and other engineering
infrastructures, renovation of the energy supply system, application
of modern technologies as well as to the modernization of the Abovyan
gas storage.

The company also plans to invest a total of 27,844.3mln AMD in the
construction of new lines of the gas network, installation of gas
meters and gas alarms.

Among the largest-scale projects are the modernization of the=2
0Abovyan storage and enlargement of its capacity up to 150mln cubic
meters, completion of the work to increase the capacity of the
gas system, conditions for energy projects and renovation of the
gas system.

To implement the projects, the company plans to use its own funds
and credits.

The ArmRosgazprom CJSC distributes Russian natural gas in Armenia. The
country receives gas through Georgia.

The company was founded in 1997, with Gasprom holding 80% of its stock,
and the RA Government 20%.