Armrosgazprom To Invest 8.49 Billion Drams Into System’s Modernization
17.06.2011,
01:12
PCRS has approved today the investment program of ArmRosGazprom, the Russian-dominated national gas distribution company, for 2011 in the amount of 8.49 billion drams
YEREVAN, June 16. / ARKA /. Armenia’s Public Services Regulatory Commission (PSRC) has approved today the investment program of ArmRosGazprom (ARG), the Russian-dominated national gas distribution company, for 2011 in the amount of 8.49 billion drams (VAT not included).
Ashot Hakobian, head of ARG’s technical management department, said the original investment program had earmarked 12 billion drams for this year, but the company slashed the amount to 8.49 billion drams in order to optimize its expenses.
He said the bulk of the investments will channeled into the reconstruction of the gas transportation system (3.34 billion drams) and the expansion of the gas distribution system (5.15 billion drams).
"We also plan to direct part of the funds, some 520 million drams, to renovation, expansion and modernization of the Abovian underground gas storage facility to increase its capacity," he said.
He said the company's priorities for 2011 include the construction of a gas distribution system, connecting new subscribers to the network, installation of security systems, gas leak detectors and shut-off valves.
In 2010 the PSRC approved ARG’s investment program for 2010-2012, which envisaged a total of 24.2 billion drams. In 2010 ARG’s investments amounted to 10.4 billion drams.
ARG is the only company dealing with import and distribution of Russian natural gas coming to Armenia from Russia via Georgia. It was established in 1997. Russian Gazprom holds more than 80 percent in it, the rest is owned by Armenian government. -0-
Ashot Hakobian, head of ARG’s technical management department, said the original investment program had earmarked 12 billion drams for this year, but the company slashed the amount to 8.49 billion drams in order to optimize its expenses.
He said the bulk of the investments will channeled into the reconstruction of the gas transportation system (3.34 billion drams) and the expansion of the gas distribution system (5.15 billion drams).
"We also plan to direct part of the funds, some 520 million drams, to renovation, expansion and modernization of the Abovian underground gas storage facility to increase its capacity," he said.
He said the company's priorities for 2011 include the construction of a gas distribution system, connecting new subscribers to the network, installation of security systems, gas leak detectors and shut-off valves.
In 2010 the PSRC approved ARG’s investment program for 2010-2012, which envisaged a total of 24.2 billion drams. In 2010 ARG’s investments amounted to 10.4 billion drams.
ARG is the only company dealing with import and distribution of Russian natural gas coming to Armenia from Russia via Georgia. It was established in 1997. Russian Gazprom holds more than 80 percent in it, the rest is owned by Armenian government. -0-
