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Gazprom OAO signs gas supply agreement with Armenia and consolidates stake in Armrosgazprom-Interfax

Monday, 2 Dec 2013 09:44pm EST 

Gazprom OAO:Russia and Armenia have signed a number of documents concerning the gas sector, including agreement on setting prices for gas supplies to Armenia-Interfax.Armenia signed an agreement with Gazprom on provision of Armenian government compensation to Armrosgazprom, and LLC Gazprom Export signed a contract with Armrosgazprom-Interfax.Gazprom CEO Alexei Miller and Armrosgazprom chief executive Vardan Arutyunian signed a contract for the delivery of up to 2.5 billion cubic meters of Russian natural gas to Armenia annually in 2014-2018.Under the gas supply agreement, the price of gas for Armenia at the border with Georgia will amount to a quotient of the base price of $189 per 1,000 cubic meters and a ratio depending on the export duty.Under the purchase-sale agreement, Armenia's Energy and Natural Resources Ministry is to sell 20.0007 percent of shares in Armrosgazprom to Gazprom by Jan. 31 at a price of 63.334 billion Armenian drams (about $157 million), giving the Russian company ownership of 100 percent of Armrosgazprom.The purchase-sale contract is supposed to be signed by Jan. 17, 2014.If any of the conditions of the agreement are not fulfilled over its duration due to the actions of the Armenian side, Armenia will be obligated to buy back all previously sold shares in Armrosgazprom at a price of $158.35 million and compensate possible losses.The parties intend to carry out joint projects in the area of gas and electricity supplies.