Page "Economy of Armenia" Paragraph 169

On November 1, 2006, the Armenian government handed de facto control of the Iran-Armenia gas pipeline to Russian company Gazprom and increased Gazprom's stake in the Russian-Armenian company ArmRosGazprom from 45 % to 58 % by approving an additional issue of shares worth $ 119 million.

This left the Armenian government with a 32 % stake in ArmRosGazprom.

The transaction will also help finance ArmRosGazprom's acquisition of the Hrazdan electricity generating plant ’ s fifth power bloc ( Hrazdan-5 ), the leading unit in the country.