Gazprom Buys Remaining 20% of ArmRosgaz

Russia’s Gazprom signed a Sales and Purchase Agreement for 20% of ArmRosgazprom, increasing its stake to 100%.

The agreement, signed in furtherance of the intergovernmental agreement between Russia and Armenia, strengthens Russian presence in the former Soviet country.

“This deal fully complies with the spirit of strategic cooperation between Russia and Armenia. Gazprom has been successfully cooperating with Armenian partners in many areas and for many years. We have implemented large-scale projects both in main gas transportation and power generation. But above all, Armenia has achieved a major socially important result – we reached the gasification level of 96 per cent,” Alexey Miller, Chairman of the Gazprom Management Committee, commented in a note released on Thursday.

The company will be renamed Gazprom Armenia.

Yerevan is a pillar for Russian plans to create a block alternative to the European Union.

“Another key area of our cooperation is the NGV sector. Armenia has even more CNG filling stations than Russia. We all have something to learn from our Armenian colleagues,” Miller explained. 

In December, Gazprom confirmed it would annually provide Armenia with 2.5 billion cubic meters of gas.