Armrosgazprom to increase investment threefold to $88.4 mln in 2013-2015
YEREVAN. Nov 28 (Interfax) - CJSC Armrosgazprom plans to invest 35.9 billion dram (around $88.4 million under the current rate of 406.32 dram/$1 on November 28, 2012) in 2013-2015, Armenia's Public Services Regulatory Commission said on its website.
The company's investment program has been submitted to the Commission for approval. The commission said in its materials that Armrosgazprom plans to invest 7.5 billion dram in 2013, around 12 billion dram in 2014, and 16.3 billion dram in 2015. A total of 25.2 billion dram will go to the country's gas transportation system in the three years, as well as 10.7 billion dram for gas distribution.
It was earlier reported that the Commission approved the company's investment program for 2012-2014 at a total value of 11.9 billion dram ($31 million under the exchange rate of that period). At the same time, investment in 2012 was planned at around 3.2 billion dram, 4.2 billion dram in 2013, and over 4.5 billion dram for 2014.
The Commission told Interfax that, according to Armenian law, the investment program will be reviewed by the regulator over a six-month period after its submission. A decision on the program should be made in February or March 2013.
Armrosgazprom holds the monopoly for supplying gas to Armenia. Russian gas giant Gazprom owns 80% in the company. The Armenian government holds 20%.