Energy in Armenia which maintains a monopoly over Armenia's natural gas market. Gazprom wholly owns a crucial 24-mile section of the pipeline which Armenia surrendered in exchange for natural gas supplies from Russia at prices well below the European average until 2009. According to an analyst, Armenia "effectively bargained away its future prospects for energy sources in return for cheaper prices now." While Armenia could diversify its gas supply, with control of the Iran-Armenia gas pipeline, Gazprom now controls the competitors' supply. In 2009 Armenia was importing 1-1.5 million cubic meters of Iranian natural gas, paying for this by electricity exports. In 2010
Gazprom of Romania's, 36 percent of Germany's, 27 percent of Italy's, and 25 percent of France's gas. The European Union receives about 25 percent of its gas supply from Gazprom. In 2014, Europe was the source of 40% of Gazprom's revenue. The proportion of Europe’s gas bought in the spot market rose from 15 percent in 2008 to 44 percent in 2012. In September 2013, during the G20 summit, Gazprom signed an agreement with CNPC that the Henry Hub index would not be used to settle prices for their trades. On 21 May 2014, Putin met with Xi Jinping and negotiated