Armenia Russia Create Gas Export Venture

MOSCOW (Armenpress)–A fundamental agreement on establishing a Hairusgasard close joint-stock company was signed Saturday in the Russian Gasprom joint-stock company building.

It was signed between the fundamental members–the Gasprom board Chairman Rem Viakhirev–the Armenian Minister of Energy Gagik Martirossian and the ITERA international energy corporation President Igor Makarov.

ITERA was established in 1992 in Florida. Since 1994–the pivotal direction of the corporation business has been the natural gas realization. Russian Gasprom is a permanent and stable collaborate of the corporation.

In 1992 the corporation’s circulation formed $35 million–in 1994 it reached $284 million–in 1996–$ 3 billion. ITERA efficiently cooperates with the branch organizations of the US–Switzerland–Holland–Cyprus–Russia–Ukraine–Turkmen’stan–Belorussia–Latvia–Georgia–Armenia and Moldavia and works at their markets.

Among the participants were the Levon Ter-Petrosyan– Foreign Minister Alexander Arzoumanian–Ambassador to Russia Gagik Shahbazian and other officials.

Opening the agreement-signing procedure–Ter-Petrosyan stressed that signing of this agreement had equal worth with the one concerning the Armenian nuclear power station for both of them were large Russian-Armenian drafts in the energy sphere.

According to Viakhirev–the both sides hold capital shares of 45 percent–while ITERA holds 10 percent. These shares are slated for gas transfer use. The founding capital forms $ 270 million.

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