A 5-year credit agreement on opening of USD 50 million credit line has been signed between Gazprombank Russian OJSC and ArmRosGazprom CJSC on June 3.

The credit will be provided for Hrazdan hydroelectric station 5th power unit modernization, as well as development of current ArmRosGazprom CJSC activities. The credit line is served by Areximbank - Gazprombank group CJSC Gazprombank affiliated structure.

The contract will serve as a step towards implementation of Gazprombank strategic issue on development of effective interaction with RA fuel and energy enterprises.

This is the second credit line opened by Russian Gazprombank for ArmRosGazprom CJSC. The first USD 40 million credit agreement for 7 years maturity period was signed in October 2009, Areximbank - Gazprombank group press service reported.