Tweet
GAZPROM EYES BIGGER SHARE IN ARMENIAN GAS NETWORK
By Emil Danielyan
Radio Liberty, Czech Rep.
Feb 21 2007
Russia's state-run natural gas monopoly, Gazprom, revealed on Wednesday
plans to raise its controlling stake in Armenia's gas distribution
network to 80 percent in the next two years.
The company's press service told the Russian Regnum news agency
that this will be in line with a controversial and complex agreement
reached by Gazprom and the Armenian government in March 2006.
The deal enabled Armenia to avoid a surge in the price of imported
Russia gas until January 2009 in exchange for ceding more energy assets
to Gazprom, including an incomplete but modern thermal power plant
located in the central town of Hrazdan. The two sides officially
confirmed last November that the Russian giant has also seen its
share in the ArmRosGazprom (ARG) distributor rise from 45 to almost
58 percent. Consequently, the Armenian government's ARG stake was
diluted to just over 30 percent.
According to Regnum, Gazprom plans to own 80 percent of ARG as a result
of buying additional shares in the Armenian gas operator that are due
to be issued by 2009. ARG spokeswoman Shushan Sardarian effectively
confirmed the information. "We plan to further expand our network
and have other investment projects," Sardarian told RFE/RL.
"We will need to attract more capital in order to implement them."
Officials at the Armenian Energy Ministry could not be reached for
comment.
The Gazprom-controlled company is also widely expected to be granted
ownership of a gas pipeline from neighboring Iran. The pipeline's
first Armenian section is due to be inaugurated this spring.
The 2006 deal gave the Russians near total control over Armenia's
energy sector, raising more concerns about the country's economic
independence and energy security in particular. Armenian officials
have repeatedly dismissed such concerns. President Robert Kocharian
pledged last month to help boost Russian presence in other sectors
of the Armenian economy.
By Emil Danielyan
Radio Liberty, Czech Rep.
Feb 21 2007
Russia's state-run natural gas monopoly, Gazprom, revealed on Wednesday
plans to raise its controlling stake in Armenia's gas distribution
network to 80 percent in the next two years.
The company's press service told the Russian Regnum news agency
that this will be in line with a controversial and complex agreement
reached by Gazprom and the Armenian government in March 2006.
The deal enabled Armenia to avoid a surge in the price of imported
Russia gas until January 2009 in exchange for ceding more energy assets
to Gazprom, including an incomplete but modern thermal power plant
located in the central town of Hrazdan. The two sides officially
confirmed last November that the Russian giant has also seen its
share in the ArmRosGazprom (ARG) distributor rise from 45 to almost
58 percent. Consequently, the Armenian government's ARG stake was
diluted to just over 30 percent.
According to Regnum, Gazprom plans to own 80 percent of ARG as a result
of buying additional shares in the Armenian gas operator that are due
to be issued by 2009. ARG spokeswoman Shushan Sardarian effectively
confirmed the information. "We plan to further expand our network
and have other investment projects," Sardarian told RFE/RL.
"We will need to attract more capital in order to implement them."
Officials at the Armenian Energy Ministry could not be reached for
comment.
The Gazprom-controlled company is also widely expected to be granted
ownership of a gas pipeline from neighboring Iran. The pipeline's
first Armenian section is due to be inaugurated this spring.
The 2006 deal gave the Russians near total control over Armenia's
energy sector, raising more concerns about the country's economic
independence and energy security in particular. Armenian officials
have repeatedly dismissed such concerns. President Robert Kocharian
pledged last month to help boost Russian presence in other sectors
of the Armenian economy.