ArmRosGazprom (ARG) investment program for 2012-2014

ArmRosGazprom (ARG) investment program for 2012-2014 : ArmRosGazprom (ARG), the Russian-dominated Armenia’s national gas distribution companyб presented its investment program for 2012-2014 to Armenia’s Public Services Regulatory Commission (PSRC) to seek its approval. The total cost of the program is more than 11.94 billion drams.

According to the program, posted on the PSRC’s official website, in 2012 the company plans to invest about 3.25 billion drams in upgrading the system, about 4.19 billion drams in 2013, and more than 4.5 billion drams in 2014.

The company will invest 3.58 billion drams in the next three years into the reconstruction of the distribution system and about 2.15 billion drams in upgrading the gas transportation system. Also 1.5 billion drams are earmarked for expansion of Abovyan underground gas storage facility and 490 million drams to connect new households and enterprises to the network.

ARG is the only company dealing with import and distribution of Russian natural gas coming to Armenia from Russia via Georgia. It was established in 1997. Russian Gazprom holds more than 80 percent in it, the rest is owned by Armenian government. -0- ($1-381.22 drams) For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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