Armenia’s PSRC approves Gazprom Armenia’s investment program for 2021-2025

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YEREVAN, December 23. /ARKA/. Armenia’s Public Services Regulatory Commission (PSRC) has given its approval today to the investment program of Gazprom Armenia national natural gas distributing company for 2021-2025 in the amount of 108.8 billion drams (VAT not counted).

The company plans to invest over 23.3 billion drams in the expansion and repair of the Abovyan underground gas storage facility. Gazprom Armenia plans also to invest 63 billion drams in the restoration and reconstruction of the gas transportation system.

According to the investment program, almost 21.2 billion drams will be channeled into the gas distribution network.

The company plans to allocate another 2.3 billion drams to connecting new subscribers to the network during the specified period.

The company’s investment program for 2019-2021 is worth 29.6 billion drams (VAT not counted). Of this amount, about 24.58 billion drams were to be channeled into the gas transportation system and 4.75 billion drams into the gas distribution system.

On December 31, 2018 Russia’s Gazprom raised the price of natural gas it ships to Armenia across Georgia from $150 per one thousand cubic meters to $165.

Although the Russian natural gas is delivered to Armenia by Gazprom at a $165 per one thousand cubic meters, Gazprom’s Armenian subsidiary – Gazprom Armenia – sells it to the bulk of Armenian households at almost $300. Gazprom Armenia also deals with the storage, distribution and sale of gas. ($1 – 522.21 drams).

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