DECLINE IN GAS CONSUMPTION PREDICTED IN ARMENIA IN 2009
ArmInfo
2009-10-20 12:14:00
ArmInfo. Consumption of natural gas in Armenia is expected to fall 15%
in 2009 versus 2008, Karen Karapetyan, Chairman of Board and Director
General of ArmRusgasprom CJSC, told media on Tuesday.
He said a 22% decline in gas consumption has already been registered.
K. Karapetyan believes that the company is unlikely to get profit
for 2009 because of falling consumption and fluctuating currency rates.
In such conditions the company sets no super tasks to raise gas
tariff not to create additional burden for consumers and not to lead
to additional construction of market. K. Karapetyan said: "Financial
flows of the company are managed so that no big investment project is
damaged or delayed." He said that over the last 4 years the company
has invested US$700-750 million and there is no other company to
invest such big funds in the country. The authorized capital of the
company has almost reached $1 billion. "Such indicators, indeed,
allow us to count on profit otherwise we will be unable to invest
in a company having such big economic and social importance for the
country. The government support to the company is the best evidence
of the aforementioned," he said.
Russia supplied 2.2 billion cu meters of gas to Armenia in 2008. The
net profit of the Russian-Armenian CJSC ArmRusgasprom fell 59.2% in
2008 versus 2007 and totaled 4563 million drams. Gazprom OJSC holds an
80% stake in the company and the Government of Armenia – a 20% stake.
ArmRusgasprom is the only supplier of natural gas to Armenia.