GASPROM OPEN JOINT STOCK COMPANY IS CURRENTLY CONSIDERING

ARKA
June 22, 2009

Gasprom considers possible construction of oil refinery in Armenia

possible construction of an oil refinery in the territory of
Armenia, together with Iranian, Russian and Armenian partners,
Vice Chairman of Gasprom Directors’ Board Valery Golubev said at
international conference on Armenia as a country at the intersection
of communications held in Tsaghkadzor.

In the beginning it will be an oil product reloading terminal, but
later it may become an oil refinery if the oil market infrastructure
is favorable, he said.

The cost of the project may total $240-260mln.

The oil refinery may be just a component of the overall oil complex.

The storage terminal is to be built in Yeraskh town of Armenia where
petrol and diesel fuel are to be delivered from Iranian Tavriz city
through a special pipeline to be built.