Gazprom Increases Share in ArmRosgazprom to 100 Pct

Gazprom Increases Share in ArmRosgazprom to 100 Pct

Alexey Miller, Chairman of the Gazprom Management Committee and Armen Movsisyan, Minister of Energy and Natural Resources of the Republic of Armenia signed a sales and purchase agreement for 20 per cent of ArmRosgazprom’s shares.

The document was signed in furtherance of the intergovernmental Agreement between the Russian Federation and the Republic of Armenia.

As a result of the deal, Gazprom’s ownership stake in ArmRosgazprom was increased to 100 per cent. The company will be named Gazprom Armenia.

“This deal fully complies with the spirit of strategic cooperation between Russia and Armenia. Gazprom has been successfully cooperating with Armenian partners in many areas and for many years. We have implemented large-scale projects both in main gas transportation and power generation. But above all, Armenia has achieved a major socially important result – we reached the gasification level of 96 per cent.

“Another key area of our cooperation is the NGV sector. Armenia has even more CNG filling stations than Russia. We all have something to learn from our Armenian colleagues.

“Gazprom has always been and will remain a reliable partner for Armenia,” said Alexey Miller.

Press Release, January 17, 2014

 

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