Russian Gazprom to sign agreement on purchase of Kyrgysgaz by August

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BAKU. July 17. KAZINFORM Russian Gazprom will sign agreement on purchase of all assets of Kyrgyzgas within 10 days, Director General of KyrgyzGas Turgunbek Kulmurzayev said at the press-conference in Bishkek on Wednesday, RIA-Novosti reported.

"The government will discuss this issue tomorrow," Kulmurzayev said.

The deal will be worth only $1. However, Gazprom will have to pay off KyrgyzGas's $40 million debt.

"We can frankly say that Kyrgyzgas is bankrupt," Kulmurzayev said.

Following acquisition of Kyrgyzgas, Gazprom will have the exclusive right to import natural gas to the country and will be protected against expropriation and nationalization in Kyrgyzstan as well as its subsidiaries, Kazinform has learnt from trend.az.

In turn, the Russian company guarantees to invest over 20 billion rubles in modernization and reconstruction of Kyrgyzgas's gas infrastructure in five years.

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