OREANDA-NEWS. September 17, 2008. The Gazprom Headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Karen Karapetyan, Chairman of the Board of ArmRosgazprom.

Within the meeting the parties highly evaluated the signing of the new contract for gas supply to Armenia. The contract stipulates a gradual increase in the gas price between 2009 and 2010. The increase is driven by the fact that besides purchasing gas to Armenia, Gazprom, being ArmRosgazprom’s major shareholder, also deals with gas transmission and marketing in the Republic. Taking into account a high level of cooperation with Armenia, Gazprom is interested in strategic development of the Armenian gas market. Upon completion of the third phase of the investment stage in ArmRosgazprom Gazprom will obtain a qualified majority in the company’s equity capital.

Alexey Miller and Karen Karapetyan also discussed transition by Armenia to the pricing formula principles corresponding with the European ones. The new gas price in Armenia, as well as in Russia, will be effective since 2011.