Armenia may buy back its stake in national gas operator- lawmaker

Armenia may buy back its stake in national gas operator- lawmaker

YEREVAN, February 7. / ARKA /. Armenia may  buy back the 20% stake  in the national gas operator (ceded to Russian Gazporm in return for half of a $300 million debt incurred by the Armenian government by subsidizing the price of gas)  in case the Russian giant fails to meet its contractual obligation, Artak Davtyan, a lawmaker from the ruling Republican Party of Armenia said today.

"Our opponents say that the sale of the 20% stake in ArmRosGazprom is tantamount to losing part of our sovereignty, but Armenia can buy back the stake. But the point is what it will give us?" he said at a news conference.

He explained that a paragraph in the relating agreement states that Armenia can buy back the stake at 63 billion drams in the event of Gazporm’s failure to respect the contractual obligations.

Russia’s Gazprom formally completed the purchase of the 20 percent stake in ArmRosGazprom on Jan. 21 becoming the full owner of the utility. 

That and some other energy agreements were first signed during Russian President Vladimir Putin’s December 2 visit to Yerevan. One of them also set the price of Russian natural gas for Armenia at almost $190 million per one thousand cubic meters.

Armenia does not have natural gas or oil gas reserves and its energy sector depends entirely on imported fuel. In 2013 Gazprom delivered 1.96 billion cubic meters of gas to Armenia. Under another Armenian-Russian contract the Russian monopoly will be delivering 2.5 billion cubic meters of gas to Armenia across Georgia until 2018. -0-

17:57 07.02.2014

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