‘ARMRUSGAZPROM’ AND KFW BANK SIGN AGREEMENT ON LONG-TERM LOAN TO 50 MLN EURO

ArmInfo
2009-06-15 09:50:00

ArmInfo. On June 10, 2009, ‘ArmRusgazprom’ Armenian-Russian CJSC and
KfW Development Bank (Germany) signed an agreement on a long-term
loan in US dollars to the total sum equivalent to 50 mln Euro, the
press-release of "ArmRusgazprom" says.

According to the message, the purpose of the loan is financing of
the project of recovery and development of the gas transmission and
gas distribution systems in Armenia. ‘ArmRusgazprom’ CJSC intends to
implement the measures aimed at development of the gas transmission
system in Armenia and improvement of the gas supply system through
performance of the work on construction, reconstruction, repair,
recovery and upgrading of the republic’s gas transmission system,
including Abovyan underground gas storage. The project also envisages
installation of individual signaling devices and emergency isolating
valves in the gas distribution system for safety enhancement.

To recall, "ArmRusgazprom" CJSC was created at late 2007 and it is the
only gas supplier to Armenia. 80% shares in the Company’s authorized
capital belong to "Gazprom" OJSC, and 20% – to the government of
Armenia.

From: Emil Lazarian | Ararat NewsPress