YEREVAN, December 18. / ARKA /. Armenia’s Public Services Regulatory Commission (PSRC ) has approved today the investment program of the national gas distribution company ArmRosGazprom (ARG) for 2014-2016. The Russian-owned company pledges to channel 37.3 billion drams into the upgrading and maintenance of the facility.
Head of the company’s department in charge of technical management, Ashot Hakobyan, said 25 billions are earmarked for the gas transportation system and 12 billion drams for the gas distribution network.
He said a substantial portion of the investment will be used to expand the capacity of Abovyan underground gas storage facility.
The company said its investment program is aimed at restoration, reconstruction and modernization of the gas transportation and distribution networks and improvement of its reliability and safety.
"Our goal is to modernize the system and install advanced equipment meeting international standards, which will significantly reduce the losses," said Hakobyan.
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-