The newly commissioned unit is expected to make it possible to address the growing power demand in Armenia and neighboring countries.
Gazprom Management Committee chairman Alexey Miller and ArmRosGazprom director general Vardan Arutyunyan signed a contract for Russian gas supply to Armenia from 2014 to 2018.
Under the contract, Gazprom will annually supply 2.5 billion cubic meters to Armenia, with price to be determined by a price formula linked to the pricing mechanism for natural gas in Russia.
Miller said the company’s direct engagement in the Armenian power market will offer some undoubted advantages to the Republic.
”This includes adequate supplies of natural gas at a fair price, investment in modern power generating capacities, development of the power generation sector and creation of new jobs,” Miller added.
In addition, Russian Energy Minister Alexander Novak and Armenian Energy and Natural Resources Minister Armen Movsisyan signed an intergovernmental sales and purchase agreement for ArmRosgazprom’s shares and its future activities.
The completion of deal will increase Gazprom’s stake in ArmRosgazprom from 80% to 100%.
