ArmRusgazprom is carrying out a rewarding and responsible task of being Armenia’s largest company, taxpayer and investor, Karen Karapetyan, Board Chairman, ArmRusgazprom CJSC, stated at the opening of a regular sitting of the Working Committee Law, Banking and Finance, European Business Congress (EBC). The subject of the sitting was “Cost management in energy companies: post-crisis accents.”

“Considering the company’s position, we are greatly interested in retaining our competitive advantages, high development rates and new prospects for development. I would like to express my satisfaction that, amid the recent unfavorable global financial and economic trends, our company once more showed high reliability, stability and ability for sustainable development,” Karapetyan said. The above would be impossible without active integration into the international business environment, and the interest in the company’s efficient, profitable and long-term development requires an adequate response to economic challenges. “In this context, the meeting of the EBC Committee Law, Banking and Finance in Yerevan will facilitate the accomplishment of tasks,” Karapetyan said.

Vahan Arakelyan, ArmRusgazprom Deputy Director General, pointed out lower rates of economic growth in Armenia s a result of the global financial and economic crisis in 2009. According to him, the global crisis most severely effected large industrial enterprises and, therefore, the energy sector of Armenia. Arakelyan pointed out a 20.3% decrease in gas sales in the country last year as compared with 2008, which affected Armrusgazprom’s proceeds and net profit. “Under the circumstances the company has to meet a number of challenges: market reappraisal, financing of long-term investment projects, liquidity management, cost optimization, allowable debt burden,” he said. Arakelyan pointed out that the company’s further development depends on further unfavorable trends on the local and international markets. This requires revision of the present tariff policy, market expansion, investment solutions and long-term financial planning.

The Slovenian delegate said that he made tremendous efforts to come to Yerevan and participate in the meeting. He does not at all feel sorry and will take any chance to visit Armenia again.

T.P.