Armenian natural gas consumers will save about $1 billion in five years because of lower gas price – Gazprom Armenia deputy CEO

Armenian natural gas consumers will save about $1 billion in five years because of lower gas price – Gazprom Armenia deputy CEO

YEREVAN, February 28. / ARKA /. Armenia’s households will save about $1 billion in the next five years because of the current price of Russian gas, Karen Movsisyan, deputy CEO of Armenia’s national gas distribution company- Gazprom Armenia - told a roundtable discussion today.

The gathering organized by the Eurasian Economic Club was attended also by representatives of the Eurasian Development Bank, Yerevan-based Russian diplomats, as well as experts and journalists.

During Russian president Putin’s visit to Armenia on December 2, several agreements were signed, including an agreement on elimination of export duties on gas, shipped to Armenia that brought down the price of one thousand cubic meters of gas to $189.

Movsisyan said the agreement became possible only after Armenia’s decision to join the Customs Union.
Movsisyan downplayed allegations that Gazprom Armenia has excess profits. According to him, over the years the company has accumulated debts and besides, the company needs to upgrade its technical equipment.

On January 6, 2014, Armenia’s government ceded its 20 percent stake in the national gas operator to Russian Gazprom for $156 million to repay half of the $300 million debt. Another half of the debt was written off by the Russian monopoly. Under another agreement with the Armenian government, Gazprom is to deliver to Armenia 2.5 billion cubic meters of gas annually.  

Gazprom Armenia was established in December 1997. It deals with transportation, storage, distribution and sale of natural gas. -0-

19:20 28.02.2014

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