ARG plans to ask for additional loan from Gazprom

20.10.2009 17:11
ARG plans to ask for additional loan from Gazprom

YEREVAN, October 20, /ARKA/. Karen Karapetian, the chief executive director of the Russian-Armenian joint venture ArmRosGazProm (ARG), the sole supplier of Russian gas to Armenia, said today the company plans to ask for an additional loan from the Russian Gazprom.

Speaking to a news conference he said ARG and Gazprom were negotiating the loan, but he declined to say how much ARG seeks and when the loan may come.
“We shall get Gazprom’s loan in the near future and we hope it will be enough to carry out all the planned projects,’ he said.

According to Karen Karapetian, the ARG has received credits from the German KfW bank, the Iranian Bank for Development of Export and from some American organizations.
“Our ultimate goal now is not making profits, but to attract enough funds so that to accomplish all our major projects,’ he said.

ARG’s investment program for 2009-20011 is 61.6 billion Drams. In 2009 the company will have invested 27.129 billion Drams. It will spend 2.3 billion Drams on expansion and upgrading of the Abovian underground gas storage facility, over 7 billion Drams on rehabilitation of the gas distribution system and 18.2 billion Drams on other works.

ARG is the sole gas supplier to Armenia. Russian Gazprom owns 80% in it, the rest is held by the Armenian government. ($1 – 386.57 Drams). -0-

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