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There Is No Risk In Giving 20% Of Armenia's Shares In Armrusgasprom

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  • There Is No Risk In Giving 20% Of Armenia's Shares In Armrusgasprom

    THERE IS NO RISK IN GIVING 20% OF ARMENIA'S SHARES IN ARMRUSGASPROM TO GAZPROM: ARMEN MOVSISYAN

    http://armenpress.am/eng/news/723353/there-is-no-risk-in-giving-20-of-armenia%E2%80%99s-shares-in-armrusgasprom-to-gazprom-armen-movsisyan.html
    15:40, 20 June, 2013

    YEREVAN, JUNE 20, ARMENPRESS: There is no risk in giving the
    20% of the shares of the Government of the Republic of Armenia
    in Armrusgasprom to the Gazprom. This was stated by the Minister
    of Energy and Natural Resources of Armenia Armen Movsisyan at the
    briefing with the journalists. He noted that otherwise this issue
    would not been placed on the table of negotiations.

    "If this deal is profitable for the Government and the nation of
    Armenia, we will do it and if not, we won't do that", - said Armen
    Movsisyan, adding that it is not compulsory, as reported by Armenpress.

    The Minister of Energy and Natural Resources of Armenia stated as
    well that if the 100% of the shares go to the Gazprom, it would not
    change anything, as according to the Legislation of the Republic of
    Armenia, the power supply functions in Armenia are considered to be
    licensed functions.

    "It does not matter who owns the 100% of the shares, as he should
    act according to the license given by the Republic of Armenia and
    in the field of the Public Services Regulatory Commission", - stated
    Armen Movsisyan.

    The Minister of Energy and Natural Resources of Armenia stated once
    more that at this moment the negotiations are in the process and no
    deal has been yet made. The discussions will be completed by the end
    of the month.

    The Russian side announced that 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%.

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