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    RUSSO-ARMENIAN COMPANY TO INVEST IN GASIFICATION OVER $23 MILLION

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    YEREVAN, April 1, 2004. (RIA Novosti) - Armenian President Robert Kocharyan held a meeting devoted to gasification of houses in Armenia in 2004 - 2006. Karen Karapetyan Director General of joint Russo-Armenian company "ArmRosgazprom" said the company would allocate $7.7 mln for implementation of the gasification program this year. As a result, the number of gas consumers in Armenia will rise by 118 thousand.

    According to Mr. Karapetyan, some $16 mln will be invested in the program in the next two years.

    "ArmRosgazprom" is an only supplier of natural gas to Armenia's domestic market. The company was founded in 1997. Its goal is not only to supply local consumers with Russian gas but also to transport it via Armenia to other states. Forty-five percent of all shares are owned by the Armenian Energy Ministry, 45 percent are owned by Russian Gazprom, the rest 10 percent of shares are owned by private Russian oil and gas company ITERA. The authorized capital stock of ArmRosgazprom makes up $270 mln.

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