YEREVAN. – Armenia in cooperation with “International Minerals & Mines Limited” company, which is specialized in the spheres of ore, gas and oil, will promote realizations of the investments, Armenian PM Tigran Sargsyan told on Wednesday at the meeting with the representatives of the company.

In the course of the meeting details of the implementation of the programs in the sectors of ore and raw material in Armenia were discussed, press service of the government informed Armenian News-NEWS.am. Armenian government and “International Minerals & Mines Limited” signed a memorandum on mutual understanding. It aims to reveal the required steps for both sides, which are directed to create necessary conditions for the exploitation of oil shale reserves. In will also create favorable conditions in Armenia for its final commercial processing. 

The memorandum was signed by the Minister of Energy and Natural Resources Armen Movsisyan from the Armenian side and the president, chief executive officer and director of the “International Minerals & Mines Limited” company Stephen J. Kay.

Besides, the “IMM Energy Limited” company has fully subsidized facilities in “IMM Energy Georgia” and “IMM Energy Armenia.” The company operates in Tbilisi. The company aims to found central headquarter of “IMM Energy Armenia” in Yerevan.  It will repay the laid-down capital as well as will fully study and process deposits of oil share in Armenia.