Тhe Gazprombank OJSC (Russia) and ArmRosgazprom CJSC (Armenia) signed a 7-year agreement on a U.S. $40m credit line. The ArmRosgazprom press service reported that Gazprombank’s subsidiary, Areximbank CJSC, will serve the credit line.

The agreement is one more step in implementing Gazprombank’s strategic task of developing effective cooperation with the Armenian fuel-energy complex, a press release reads. ArmRosgasprom is consistently implementing the energy projects that are of importance for the Armenian economy, particularly the expansion of the gas transmission system with the commissioning of Iran-Armenia gas main and completion of the 5th power unit of the Hrazdan thermal-power plant.

A total of 27.8bn AMD were invested in the projects this January-September. During the same period the company invested around 10.3bn AMD in the gas complex development. The investments have totaled U.S. $700-750m over the recent years. The company is implementing investment projects both on its own and on borrowed funds.