GASPROMBANK OPENED LONG-TERM CREDIT LINE FOR ARMROSGASPROM

ARKA
Oct 26, 2009

YEREVAN, October 26. /ARKA/. On Monday Russian Open JSC "Gasprombank"
and CJSC "ArmRosgasprom" signed an agreement on opening credit line
in the amount of 40 million US dollars (for seven years).

This credit line will be served by the affiliate of "Gasprombank" –
CJSC Areximbank -the Group of Gasprombank". "Signing of the agreement
is a regular step in the implementation of strategic task for the
development of the efficient cooperation of energy-fuel enterprises of
the country". CJSC "ArmRosgasprom" continues to regularly implement
gas-energy projects which have strategic impact on Russian economy,
particularly expansion of gas-transport system with exploitation of
gas-pipeline "Iran-Armenia" and construction and modernization of
the 5th energy block of Hrazdan Thermo-electric station.

During January-September 2009 about 27.8 billion drams were invested
for these programs. Moreover, during the first 9 months of 2009
about 10.3 billion drams were invested for the implementation of
reconstruction and development program of gas complex. During the
last several years total volume of investments made 700-750 million
US dollars.

Investments programs are implemented on the account of own resources
and borrowings. As for borrowings, CJSC "ArmRosgasprom" cooperates
with a number of local and foreign financial organizations. Open JSC
"Gasprombank" is one of the largest universal financial institutions of
Russia. It is included in the group of three largest banks of Russia
and occupies the third place in the list of banks of Central and
Eastern Europe. It serves the key areas of Russian economy – gas, oil,
nuclear and electro-energy spheres. More than 2 million physical and
43 legal entities are the clients of Gasprombank. It has 44 regional
branches and five affiliates and depending banks in Russia.

The bank also participates in the capital of three foreign banks –
"Belgasprombank" (Belarus), "Areximbank – the group of Gasprombank"
(Armenia) and "Russian Commercial Bank" (Switzerland).

Gasprombank has also representation banks in Beijing (China)
and Ulan-Bator (Mongolia). As of June 30, 2009 total capital of
"Gasprombank" was 156.5 billion drams, total assets – 1 855.3 billion
drams. CJSC Areximbank -the Group of Gasprombank" was established in
1998 for the support of entrepreneurship and service of financial
flows between Russia and Armenia. Since 2007 it is included in the
group of the largest Russian bank "Gasprombank" (Open Joint Stock
Company) as a 100% affiliate of the company. More than 58 000 physical
and 2000 legal entities are the clients of the bank, including such
large companies with the share of Russian capital as

CJSC "ArmRosgasprom", CJSC "Armenian Electrical network", VivaCell –
MTS, Beeline, CJSC "Rusal-Armenal", Russian-Armenian (Slavyanski)
University, etc. As of September 18, 2009 total capital of the bank
was – 9.906.771 thousand drams, total assets – 39.545.809 thousand
drams. Number of branches – 15.