Russian Gazprom’s Board of Directors at a meeting on Thursday, December 1 agreed to acquire additional issuance of shares by its subsidiary, Gazprom Armenia, worth 2.5 billion rubles or $38,3 million.

According to TASS news agency, Gazprom Armenia will issue a total of 3,372,843 shares.

Gazprom Armenia is the 100% subsidiary of Gazprom. It transports, stores, distributes and sells natural gas, reconstructs and expands the gas transport system and underground gas storage facilities.