Alexey Miller and Armen Movsisyan discussed possibility to make Gazprom’s shares in Armrusgasprom 100%

YEREVAN, JUNE 18, ARMENPRESS: The working meeting of the Deputy Chairman ofthe Board ofDirectors and the Chairman ofthe Management Committee of the Gazprom OJSC Alexey Miller and the Minister of Energy and Natural Resources of the Republic of Armenia Armen Movsisyan was held on June 17 at the Gazprom’s central office. The sides discussed the issues of the Armenian-Russian development in the field of gas, as well as the participation of Gazprom CJSC in the Armenia’s energy projects.

During the negotiations Armen Movsisyan and Alexey Miller discussed the pricing issues for the Russian gas for the consumers of the Republic of Armenia, as well as the possibility to make the Gazprom’s shares in the Armrusgasprom 100%.

On March 31 2006 the Gazprom and the Government of the Republic of Armenia signed a 25-year agreement on the participation of the Gazprom in the gas and energy projects implementation, carried out in the territory of the Republic. In accordance with the document, it is intended to increase the share of the Gazprom in the Armrusgasprom Company by issuing additional shares.

In the result of the issue of shares, the Gazprom’s share in the Armrusgasprom’s share capital has been increased to 80%.