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Gazprom to Increase its Stake in ArmRosgazprom to 100%

Source: www.gulfoilandgas.com 6/17/2013, Location: Asia

The Gazprom headquarters hosted today a working meeting between Alexey Miller Chairman of the Company's Management Committee and Armen Movsisyan, Minister of Energy and Natural Resources of the Republic of Armenia.

The parties addressed the main issues concerning the development of cooperation between Russia and Armenia in the gas sector, including Gazprom's participation in energy projects in the Republic.

In the course of negotiations the aspects of Russian gas pricing for Armenian consumers were discussed. The meeting also looked into the possibility of increasing Gazprom's stake in ArmRosgazprom to 100 per cent.

Armenia does not produce natural gas and the country's power generation sector is totally reliant on gas imports.

Gazprom Export delivers gas to the border with Armenia where it is purchased by ArmRosgazprom. In 2012 Gazprom delivered some 1.7 billion cubic meters of natural gas to Armenia.

Incorporated in December 1997, ArmRosgazprom is focused on natural gas supplies to the Armenian market. In addition, the company transports, stores, distributes and sells natural gas as well as upgrades and expands gas transmission and underground gas storage systems in the Republic of Armenia.

On March 31, 2006 Gazprom and the Government of the Republic of Armenia signed a 25-year Agreement identifying the strategic principles of Gazprom's participation in gas and power projects in the Republic of Armenia. The document provides for an increase of Gazprom's ownership stake in ArmRosgazprom via an additional share issue. As a result, Gazprom acquired an 80 per cent stake in ArmRosgazprom. The funds received from the share issue were allocated for purchasing and constructing the fifth power unit at the Hrazdan Thermal Power Plant as well as gas infrastructure facilities in Armenia.

In January 2012 the fifth power unit at the Hrazdan TPP was brought into pilot operation. After the state-of-the-art gas turbines were installed, the total capacity of the Hrazdan TPP reached 480 MW. In 2012 the fifth power generating unit produced 0.9 billion kWh of electricity.

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