Gazprom buys KyrgyzGaz for US$1

Thursday, April 10, 2014

An agreement to buy 100 percent shares of Kyrgyz national gas operator KyrgyzGas by the Russian energy giant Gazprom was signed on Thursday.

An agreement to buy 100 percent shares of Kyrgyz national gas operator KyrgyzGas by the Russian energy giant Gazprom was signed on Thursday.

BISHKEK, Kyrgzstan - An agreement to buy 100 percent shares of Kyrgyz national gas operator KyrgyzGas by the Russian energy giant Gazprom was signed on Thursday.

The head of KyrgyzGas, Turgunbek Kulmurzayev and Gazprom CEO, Alexei Miller signed the document in Kyrgyz capital Bishkek. Gazprom purchased KyrgyzGas for a symbolic price of one U.S. dollar.

“The symbolic price of one dollar for the sale of KyrgyzGas has been widely criticized,” Kyrgyz President Almazbek Atambaev said after the signing, adding that, “However, Gazprom will be responsible for KyrgyzGas’ debt of US$40 million and will additionally invest US$600 million in the energy sector in Kyrgyzstan.”

The Russian energy giant aims to increase the annual 30 billion cubic meters of natural gas production of Kyrgyzstan, Gazprom CEO Miller said.

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