The Working Committee Law, Banking and Finance, European Business Congress (EBC), opened its sitting in Yerevan on April 20. The subject of the meeting is “Cost management in energy companies: post-crisis accents.”

Opening the sitting, Dr. Andrey Kruglov, Committee Chairman and Deputy Chairman of the Management Committee, Gazprom OJSC, pointed out that the macroeconomic indicators show the financial crisis will soon be over, and economic recovery is obvious. As regards the management of the Gazprom OJSC in 2009, he stressed that the company reduced its investments by 30% amid the crisis, but managed to carry all its programs through. He pointed out that Gazprom will continue its cost optimization policy.

Mr. Kruglov explained that the EBC unites many international companies. According to him, the EBC holds meetings to establish business cooperation and discuss topical problems. “Over the last few years the EBC has been a business hang-out in a good sense of the word,” he said. He stressed the pleasant fact of the EBC’s next sitting in Yerevan, especially as tit has been organized by the ArmRusgazprom CJSC, an integral part of Gazprom. “In the context of energy policy, Gazprom-Armenia plays a great role. We have gathered here and, taking ArmRusgazprom as an example, demonstrate the successful development of an energy company, which turned the region from an energy-dependent into an energy-exporting one. ArmRusgazprom is one of the country’s backbone enterprises,” Kruglov said.

Amid the crisis the parent and subsidiary companies have adjusted their investment plans, but they have not changed their energy development strategy. “The crisis helped us to brace ourselves up and sort out priorities,” Kruglov said. He expressed confidence that the tasks will be accomplished and stressed that the Gazprom CSJC is not in crisis.

T.P.