ARMROSGASPROM (ARMENIA) TO INVEST $10MLN IN HOLIDAY CENTER
ARKA
March 17, 2009
YEREVAN, March 17. /ARKA/. Under a renovation program for the Adigas
holiday center in Tsakhkadzor, the ArmRosgasprom CJSC plans to
invest $10mln.
The ArmRosgasprom press service reports that the renovation work will
last from this April to the end of next year.
The program is based on a decision made by the ArmRosgasprom Board
of Directors. The decision provides for the renovation of the Adigas
holiday center and construction of a health care center for the
company staff.
The funds will be invested in the construction of a sports and fitness
hotel complex in conformity with international standards.
"The investments will contribute to the development of the Armenian
tourist industry," the report says.
The ArmRosgasprom holds a monopoly of the distribution of Russian
natural gas in Armenia. The gas is supplied to Armenia through Georgia.
The comp[any was founded in 1997. Gasprom’s share in its authorized
capital is 75.55%, the RA Government’s share 20% and that of the
Itera Company 4.44%.