Armenia’s national gas distribution company earmarks 9.27 billion drams for 2014 investment

Armenia’s national gas distribution company earmarks 9.27 billion drams for 2014 investment

YEREVAN, December 18. / ARKA /. Armenia’s Russian-owned national gas distribution company ArmRosGazprom (ARG)  will channel 9.27 billion drams in 2014 in modernization of the facility, head of an ARG department, Ashot Hakobyan, said after the Public Services Regulatory Commission approved the company’s investment program for 2014-2016 in the amount of 37.3 billion drams.

Hakobyan said 3.53 billion drams are earmarked for the gas transportation system and 5.74 billion drams for gas distribution network for 2014.

He said regarding gas transportation system the focus will be on restoration and reconstruction of the main gas pipelines, modernization of measuring stations, expansion and restoration of Abovyan underground gas storage facility.

Some 1.361 billion drams will be used on the restoration and reconstruction of the main gas pipelines and some 993 millions drams are earmarked for expansion of the Abovyan underground gas storage facility.
Part of the 5,74 billion drams earmarked for the gas distribution network will be used to connect some 9,000 new subscribers to the network.

Under an agreement signed on December 2 in Yerevan by Armenia and Russia, the Armenian government ceded its remaining 20 percent share in ArmRosGazprom to Russia’s Gazprom monopoly. The deal was announced during Russian president Vladimir Putin’s visit to Armenia. Before the deal Gazporm held 80 percent share in the distributing company. 

Gazprom will also cut the price of Russian gas for Armenia to 189 dollars per thousand cubic meters as part of another agreement on canceling 30 percent customs duties on the Russian gas shipped to Armenia. ($ 1 - 404.97 drams). -0-

15:29 18.12.2013

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