Armrosgazprom to invest 37.3 billion drams in upgrading the system in 2014-2016

Armrosgazprom to invest 37.3 billion drams in upgrading the system in 2014-2016

YEREVAN, December 9. / ARKA /. Armenia’s Russian-owned national gas distributing company ArmRosGazprom (ARG) will invest 37.3 billion drams in upgrading the system in 2014-2016, according to a statement posted on the facility’s official website.

The company has submitted its investment program to the Public Services Regulatory Commission to seek its approval.

In 2014-2016 the company plans to invest 13.4 billion drams in the reconstruction and expansion of the Abovyan underground gas storage facility, another 10.4 billion drams will be channeled into  the reconstruction of the gas transportation system and over 1.4 billion drams will be used for other purposes.

In addition, ARG wants to invest 7.3 billion drams in the reconstruction and expansion of the gas distribution system and use 4.7 billion for other purposes.

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.

Under an agreement signed on December 2 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. ($ 1 - 406.94 drams).  -0-

17:32 09.12.2013

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