Kyrgyzstan parliament approved agreement to transfer Kyrgyzgas ownership to Gasprom

Yesterday Kyrgyzstan parliament approved the agreement  between the Kyrgyzstan and Russian governments to transfer ownership of the national gas operator Kyrgyzgas to Russian Gasprom  for one dollar in the first reading.

The document was signed in July 2013 in Moscow. According to the agreement, all assets of Kyrgyzgas, including gas pipelines, gas distribution stations and underground storages, are transferred to Gasprom. Kyrgyzstan guarantees an exceptional right of Russian company to import natural gas into the country and protection of investments of Gasprom and its daughter companies from expropriation and nationalization.

Russia has committed itself to invest at least 20 billion rubles ($608 million at the current rate) into upgrade of Kyrgyzgas gas infrastructure within five years and will take upon itself all debt obligations of the company. By July 1, 2012 the account payable of Kyrgyzgas totaled about $40 million.

 

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