Integral Petroleum to explore oil, gas in Armenia

Integral Petroleum to explore oil, gas in Armenia

PanARMENIAN.Net - Integral Petroleum company was provided with governmental license for exploration of oil and gas reserves in Armenia at Thursday, November 22 sitting.

The government also approved an agreement stipulating for sharing the products mined.

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A relevant agreement was signed by the minister of finance Gagik Khachatryan and German ambassador to Armenia Rayner Morel.
The total cost of the final deal is over AMD 85.8 billon to be paid in two equal halves, after completion of the deal formalities.
Aleksei Miller was also scheduled to meet with government officials in Germany, which is a major customer of Gazprom’s supplies.
Access to finance is a major impediment to the growth of micro, small and medium enterprises, especially in the rural areas.
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