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Sale Of 20 Percent Share In Gas Distribution Network To Russia's Gaz

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  • Sale Of 20 Percent Share In Gas Distribution Network To Russia's Gaz

    SALE OF 20 PERCENT SHARE IN GAS DISTRIBUTION NETWORK TO RUSSIA'S GAZPROM WAS LEGAL, AD HOC COMMISSION CONCLUDES

    YEREVAN, April 7. / ARKA /. The sale of the Armenian government's 20
    percent share in the domestic gas distribution network ArmRosGazprom
    (ARG) to Russia's Gazprom monopoly was legal and in accordance with
    law, an ad hoc parliamentary commission concluded.

    The Armenian government sold its minority share to pay half of a $300
    million debt to Gazprom, which was incurred as a result of subsidizing
    the Russian gas price from 2011-2013. The other half of the debt was
    written off by the Russian company. Gazprom was also granted 30-year
    exclusive rights in the Armenian energy market. The deal made Gazprom's
    the only owner of the network.

    The conclusion was announced today by the head of the ad hoc commission
    MP Vardan Ayvazyan from the ruling Republican Party of Armenia.

    The deal with Gazprom was signed in January 2014 and later was backed
    by 77 members of the parliament. Ayvazyan cited this as a confirmation
    of the legality of the deal.

    Later ArmRosGzprom was renamed Gazprom Armenia. Under the agreement
    with the Armenian government, Gazprom is to deliver to Armenia 2.5
    billion cubic meters of gas annually. Gazprom Armenia, established
    in December 1997, deals with transportation, storage, distribution
    and sale of Russian natural gas in Armenia. .-0-

    http://arka.am/en/news/economy/sale_of_20_percent_share_in_gas_distribution_netwo rk_to_russia_s_gazprom_was_legal_ad_hoc_commission/#sthash.LD8fABgn.dpuf

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