Gazprom Armenia, formerly known as ArmRosGazprom , is a subsidiary of the Russian Gazprom company in Armenia. It was founded in 1997 as a joint Russian-Armenian natural gas pipeline project. When it was founded, the Russian state gas monopolist Gazprom owned 45% of stock, the Energy Ministry of Armenia 45% and the ITERA company 10%. In 2014, Gazprom became the sole owner of the company and renamed it Gazprom Armenia.[1] The Director General of the company is Vardan Harutyunyan. The company operates the gas supply for Armenia's domestic gas market and also produces power generation.
History
In April 2006, Gazprom and Armenia signed a contract for 25 years about strategic principles of cooperation in gas and energy projects in the Armenian territory. After this contract Gazprom raised the gas price from the preferential $54 per 1,000 m3 to $110 per 1,000 m3. The price is fixed on this still preferential level until 1 January 2009.
To avoid a higher prizes level for natural gas, the Armenian government had to make some concessions that the Iran-Armenia Natural Gas Pipeline and the 5th unit of the