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
Sibir Energy Sibir Energy Sibir Energy is a London-based Russian public limited company, whose primary line of business is petroleum and natural gas exploration in Siberia. Its shares were traded on the Alternative Investment Market, part of the London Stock Exchange. As of 2011, it is a wholly owned subsidiary of Gazprom Neft. Sibir was founded in 1996, and since then it had pursued an integrated model for its business operations by retaining a focus on retail as well as its core exploration, extraction and refinery activities. On 21 August 2009, Gazprom Neft made a bid to take over all shares in