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GAZPROM OAO : ALEXEY MILLER AND VARDAN ARUTYUNYAN REVIEW ARMROSGAZPROM OPERATING RESULTS
4 Traders
http://www.4-traders.com/GAZPROM-OAO-6491735/news/GAZPROM-OAO-Alexey-Miller-and-Vardan-Arutyunyan-review-ArmRosGazprom-operating-results-14268908/
April 12 2012
The Gazprom headquarters hosted today a working meeting between Alexey
Miller, Chairman of the Company's Management Committee and Vardan
Arutyunyan, Director General and Chairman of the ArmRosGazprom Board.
The meeting participants reviewed the issues of Russian gas pricing
for Armenian consumers between 2012 and 2013.
In addition, a focus was placed on the status of the agreement
stipulating Gazprom's participation in the gas and power projects
in the Republic of Armenia as well as the current operating results
of ArmRosGazprom.
During the meeting, the parties noted the successful commissioning
of the fifth power generating unit at the Hrazdan Thermal Power Plant
enabling to largely satisfy the Armenian power needs and to increase
power supplies to the neighboring countries.
Background Armenia does not produce natural gas and the country's
power generation sector is totally reliant on gas imports.
Gazprom resumed natural gas deliveries to Armenia in June 2003.
Gazprom Export delivers gas to the border with Armenia where it
is purchased by ArmRosGazprom. In 2011 Gazprom provided Armenian
consumers with some 1.6 billion cubic meters of natural gas.
On March 31, 2006 Gazprom and the Government of the Republic of Armenia
signed a 25-year Agreement identifying the strategic principles of
Gazprom's participation in the gas and power projects in the Republic
of Armenia. The document provides for Gazprom to increase its ownership
stake in ArmRosGazprom via the additional share issue.
As a result, Gazprom acquired an 80 per cent stake in ArmRosGazprom.
The funds received due to the share issue were allocated for purchasing
the fifth power generating unit at the Hrazdan Thermal Power Plant
and constructing the gas infrastructure facilities in Armenia.
Incorporated in December 1997, ArmRosGazprom is focused on natural gas
supplies to the domestic Armenian market. In addition, the company
transports, stores, distributes and sells natural gas as well as
upgrades and expands gas transmission and underground gas storage
systems in the Republic of Armenia.
In January 2012 the fifth power generating unit at the Hrazdan
Thermal Power Plant was brought into pilot operation. After the
state-of-the-art gas turbines were installed, the total capacity
of the Hrazdan Thermal Power Plant reached 480 MW. The fifth power
generating unit is expected to produce up to 1.8 billion kW of
electricity in 2012.
4 Traders
http://www.4-traders.com/GAZPROM-OAO-6491735/news/GAZPROM-OAO-Alexey-Miller-and-Vardan-Arutyunyan-review-ArmRosGazprom-operating-results-14268908/
April 12 2012
The Gazprom headquarters hosted today a working meeting between Alexey
Miller, Chairman of the Company's Management Committee and Vardan
Arutyunyan, Director General and Chairman of the ArmRosGazprom Board.
The meeting participants reviewed the issues of Russian gas pricing
for Armenian consumers between 2012 and 2013.
In addition, a focus was placed on the status of the agreement
stipulating Gazprom's participation in the gas and power projects
in the Republic of Armenia as well as the current operating results
of ArmRosGazprom.
During the meeting, the parties noted the successful commissioning
of the fifth power generating unit at the Hrazdan Thermal Power Plant
enabling to largely satisfy the Armenian power needs and to increase
power supplies to the neighboring countries.
Background Armenia does not produce natural gas and the country's
power generation sector is totally reliant on gas imports.
Gazprom resumed natural gas deliveries to Armenia in June 2003.
Gazprom Export delivers gas to the border with Armenia where it
is purchased by ArmRosGazprom. In 2011 Gazprom provided Armenian
consumers with some 1.6 billion cubic meters of natural gas.
On March 31, 2006 Gazprom and the Government of the Republic of Armenia
signed a 25-year Agreement identifying the strategic principles of
Gazprom's participation in the gas and power projects in the Republic
of Armenia. The document provides for Gazprom to increase its ownership
stake in ArmRosGazprom via the additional share issue.
As a result, Gazprom acquired an 80 per cent stake in ArmRosGazprom.
The funds received due to the share issue were allocated for purchasing
the fifth power generating unit at the Hrazdan Thermal Power Plant
and constructing the gas infrastructure facilities in Armenia.
Incorporated in December 1997, ArmRosGazprom is focused on natural gas
supplies to the domestic Armenian market. In addition, the company
transports, stores, distributes and sells natural gas as well as
upgrades and expands gas transmission and underground gas storage
systems in the Republic of Armenia.
In January 2012 the fifth power generating unit at the Hrazdan
Thermal Power Plant was brought into pilot operation. After the
state-of-the-art gas turbines were installed, the total capacity
of the Hrazdan Thermal Power Plant reached 480 MW. The fifth power
generating unit is expected to produce up to 1.8 billion kW of
electricity in 2012.