09, 2008

President Serzh Sargsyan visited the Hayrusgazard LLC

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Today President Serzh Sargsyan visited the Hayrusgazard LLC. At the working meeting held with the leadership of the company, the Chairman of the Board and Executive Director, Karen Karapetian presented the current situation in the company and programs for future.

According to Mr. Karapatian, the level of gasification in Armenia since 2002 has increased dramatically – from 21% to 91%. The amount of imported and consumed gas has increased 2.4 times, public consumption – 6.4 times, industrial consumption – 2.3 times.

K. Karapetian also thoroughly briefed the President of Armenia on the agreement signed by the Hayrusgazard and Russian Gazprom which stipulates that till 2015 there will be no critical changes in the price of the Russian natural gas imported to Armenia. According to the agreement, starting from April 1, 2009, 1000 cubic meters of natural gas will be purchased for $154, and starting from 2010 - for $200.

Serzh Sargsyan expressed satisfaction with the fact that the provisions of the agreement are within the logic of the negotiations. “No doubt, the pricing, which is to enter into force on April 1, 2009, will add a little to the social burden; however the change will be negligible. This is an excellent opportunity for our businesses to become much more competitive in the region than we are today. This also provides an opportunity to register in the future a higher index for the GDP growth,” Serzh Sargsyan said.

The President of Armenia praised the activities of the company in the recent years. He gave a positive assessment to the index of gasification, noting at the same time, that there are still some communities lacking the gas supply. “There are a number of communities where people are not able to use natural gas. They are not able to improve the quality of their lives because it is not economically feasible for the company to provide gas supply to those areas. We see the possibility of the state assistance here. Our goal is to provide for the total gasification of the country in 2-3 years.”

According to the President of Armenia, the proper utilization of the Iran-Armenia gas pipe line is extremely important as is the conclusion of the construction of the fifth block of the Hrazdan thermo-electric station – this will allow to efficiently implement the economic policy of Armenia. S. Sargsyan spoke also about the importance of increasing the gas storage capabilities.

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