Armenia’s national gas distributor network increases its 2013 investment program by 923 million drams

Armenia’s national gas distributor network increases its 2013 investment program by 923 million drams

YEREVAN, December 4. /ARKA/. Armenia’s Pubic Services Regulatory Commission (PSRC) has approved today a 923 million dram increase in the national gas distribution company, ArmRosGazprom’s (ARG) 2013 investment program. As a result it will grow to 7.7 billion drams.

Abgar Budaghyan, head of PSRC department, said 533 million drams of the increased amount will be spent on upgrading the Abovyan underground gas storage facility, 109 million drams will be used for reconstruction of the gas transportation system, 122 million drams will be used on connecting new gas consumers to the network and 159 million drams will be other expenditures.

ARG deputy CEO Grant Tadevosyan said the investment program was revised to expand the capacity of the Abovyan underground gas storage facility in order to ensure smooth and stable gas supply.

The distributor’s investment program for 2013-2015 is 33.98 billion drams. The money is to be spent on the modernization and expansion of the Abovyan underground gas storage facility, reconstruction of gas transportation and distribution system and connection of new subscribers to the network.

Under an agreement signed Monday in Yerevan by Armenia and Russia, the Armenian government has 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. Currently Armenia pays $270 per one thousand cubic meters including customs dues.  ($ 1 - 403.91 drams). -0 -

15:29 04.12.2013

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