YEREVAN. – Armenia will save $800 million at the expense the elimination of export duties on Russian gas during the next five years, Energy Minister Armen Movsisyan said.

“Gazprom has repeatedly stated that the Russian gas price should be increased, including for Armenia. In 2011, we managed to negotiate with the Russian side for Armenia to continue getting gas for $180 per thousand cubic meters before the talks are over,” Movsisyan said in response to opposition MP Aram Manukyan.

As a result of the state visit to Armenia by Russian President Vladimir Putin, the sides agreed on the formation of gas price for five years as well as management of the accumulated debts. Since 2011, the price difference between the old 180 dollars and the actual price, which Armenia had to pay, reached $300 million.

“According to our arrangement, we will pay half of the debt, and another half will be paid by Russia,” the Minister added.

According to him, in total from 2011 to 2018, the financial burden on the Russian side at the expense of discounts and canceled fees will make about $1.1 billion.

“We decided to pay $155 million out of this amounti n the form of 20 percent of ArmRusGasprom shares,” he concluded.

Gazprom owned 80% of ArmRusGasprom shares, while the rest twenty belonged to the Armenian government. As a result of Putin’s visit, an agreement was reached to transfer 20% to Gazprom.