State credit to be extended to ArmRosgasprom

State credit to be extended to ArmRosgasprom

YEREVAN, October 3. /ARKA/. Armenian cabinet ministers decided on
Thursday to lend $40 million to ArmRosgasprom CJSC from the budget in
the fourth quarter of this year.

The credit will be extended for six months at 11% interest.

Prime Minister Tigran Sargsyan said the company was successfully
implementing its investment program, and this credit will speed up that
process.

ArmRosgasprom has already invested $541 million for implementing its
projects.

`This is a bailout decision, and the credit is given for a short term
and are secured by reliable levers’, the premier said.

ArmRosgasprom’s investment program for 2009 and 2010 costs AMD 61.615
billion, of which 27.129 billion will be invested in 2009.

The aim of this investment program is to ensure non-stop, reliable and
safe gas supply.

ArmRosgasprom CJSC enjoys the sole right for importing and distributing
Russia gas in Armenia.

Russia conveys its gas to Armenia through Georgia.

The company was established in 1997.

Russian Gasprom holds 80% of the company’s shares, and the remaining
20% belong to Armenian government. ($1 = AMD 384.07). M.V.-0–