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 announced, that Gazprom will buy additional ARG-shares and then controls 58% of the companies equity capital. On 27 October 2006 Gazprom's Executive Board approved acquire additional issues of ARG, which is most likely part of April's controversial deal. According to Karen Karapetyan, Gazprom will pay $118.8 million to have the commanding share of ARG. In January 2014 Gazprom agreed to purchase another 20% of ARG bringing Gazprom's ownership to 100% of the company. The company was renamed Gazprom Armenia. The agreed was signed by Chairman Alexey Miller (Gazprom) and Armenian Minister of Energy and Natural Resources Armen Movsisyan. Since Armenia