Gazprom invests $900 million in Armenia over 15 years

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Economy

16.04.2015, 21:02

Russian Gazprom has invested a total of $900 million in Armenian economy over the last 15 years, Gazprom Armenia CEO Vardan Harutyunyan said today.

Gazprom invests $900 million in Armenia over 15 years

YEREVAN, April 16. / ARKA /. Russian Gazprom has invested a total of $900 million in Armenian economy over the last 15 years, Gazprom Armenia CEO Vardan Harutyunyan said today.

He said the investments were channeled into the resumption and expansion of the natural gas network, the construction of Iran-Armenia gas pipeline and the acquisition and reconstruction of the 5th unit of the Hrazdan Therman power plant.

Gazprom Armenia is the national gas distribution company owned fully by Russian Gazprom.

In December 2013, Gazprom signed a contract with Gazprom Armenia on natural gas supplies in 2014-2018. According to it, Gazprom will deliver up to 2.5 billion cubic meters of gas every year. The gas price will be determined by a formula linked to the Russian gas pricing scheme. –0-

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