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 Armenia Gazprom Armenia Gazprom Armenia (), formerly known as ArmRosGazprom (; ), is a subsidiary of the Russian Gazprom company in Armenia. It was founded in 1997 as a joint Russian-Armenian natural gas pipeline project. When it was founded, the Russian state gas monopolist Gazprom owned 45% of stock, the Energy Ministry of Armenia 45% and the ITERA company 10%. In 2014, Gazprom became the sole owner of the company and renamed it Gazprom Armenia. Director General of the company is Karen Karapetyan. The company operates the gas supply for Armenia's domestic gas market as also power generation. In April 2006,