Gazprom’s ownership stake in ArmRosgazprom was increased to 100 per cent after purchasing 20 per cent of the company’s shares.

The message posted on Gazprom official website says Gazprom CEO Alexey Miller and Armen Movsisyan, Minister of Energy and Natural Resources of Armenia, signed on Friday in the Gazprom headquarters a sales and purchase agreement for 20 per cent of ArmRosgazprom’s shares.

“This deal fully complies with the spirit of strategic cooperation between Russia and Armenia. Gazprom has been successfully cooperating with Armenian partners in many areas and for many years. We have implemented large-scale projects both in main gas transportation and power generation. But above all, Armenia has achieved a major socially important result – we reached the gasification level of 96 per cent.

Another key area of our cooperation is the NGV sector. Armenia has even more CNG filling stations than Russia. We all have something to learn from our Armenian colleagues.

“Gazprom has always been and will remain a reliable partner for Armenia,” said Alexey Miller.

Gazprom and ArmRosgazprom signed a contract for Russian gas supply to Armenia from 2014 to 2018. According to the document, Gazprom will annually provide Armenia with 2.5 billion cubic meters of gas and its price will be determined by a price formula linked to the pricing mechanism for natural gas in Russia.