#AceFinanceNews – BISHKEK – April 10 – Russia’s Gazprom natural gas monopoly on Thursday signed with Kyrgyzstan an agreement on the purchase of 100% of shares of Kyrgyzstan’s debt-ridden state gas company Kyrgyzgaz for $1.
The new Gazprom unit will be called Gazprom-Kyrgyzstan, Gazprom CEO Alexei Miller said. According to him, “the main goal of the new company will be to ensure uninterrupted supply of natural gas in the needed volumes to Kyrgyz consumers.”
Under the bilateral agreement, Gazprom will allocate at least 20 billion rubles within 5 years for the modernization of gas distribution networks of Kyrgyzstan the length of which is some 700 kilometers.
“We also intend to resume geological prospecting work in Kyrgyzstan in order to raise the republic’s potential. Today, the country produces less than 30 million cubic meters of gas, and we intend to increase this share, as well as the number of gas consumers in Kyrgyzstan,” Miller said.
Russian Oil and News Sources