Armenia’s government backs ceding 20% of ArmRosgasprom shares to Russian Gazprom

Armenia’s government backs ceding 20% of ArmRosgasprom shares to Russian Gazprom

YEREVAN, January 16. /ARKA/. At its Thursday meeting Armenia’s government approved the agreement about ceding its 20% stake in ArmRosgasprom to Russian Gazprom.

According to the agreement, Armenia’s ministry of energy is handing over 20.0007% common shares to Gazprom, hence, increasing Gazprom’s share from 80% to 100%. 

The signing of this agreement was anticipated in the agreement signed between Armenian and Russian presidents Serzh Sargsyan and Vladimir Putin on December 2 2013, Armenia’s deputy minister of energy and natural resources Yosif Isayan said.

Armenian parliament ratified Armenia-Russia gas deal at its sitting on December 23 2013.

On December 2 Armenian and Russian presidents reached an agreement that 20% government stake in ArmRosgasprom will be sold to the Russian gas holding for 156 million dollars to cover debts. Armenia’s minister of energy said 300 million dollars debt was accumulated in 2011-2013when Armenia was paying the same price ($180 per 1,000 cubic meters) for gas, as per the agreement reached with the Russian side, despite the actual increase in prices. This means half of the debt is paid off by Armenia and the second half is being written off by the Russian side. 

Under the agreement, the Russian gas holding will be supplying 2.5 billion cubic meters of gas per year to Armenia in 2014-2018. The price will be determined by a formula which is used to determine the price for domestic consumers in Russia. In 2012 Gazprom supplied 1.7 billion cubic meters of gas to Armenia. –0--

13:22 16.01.2014

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