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ARMENIA


CAPITAL: Yerevan

MONETARY UNIT: Dram

REFINING CAPACITY: None

OIL PRODUCTION: None

OIL RESERVES: None

GAS RESERVES: None

In an effort to become more self-sufficient in energy, Armenia in 1998 began a $15 million oil and gas exploration program, for which it let contract to Greece`s state-owned DEP-EKY. Armenia also considered allowing Russian enterprises to take part in exploration.

In addition, Armenia planned to import crude oil directly from Russia and began work to convert the never-used petrochemical plant in Yerevan into a 20,000 b/d refinery.

If there were peace in the Caucasus, Armenia could become an important transit center for the region, particularly for oil exports from Azerbaijan and Kazakhstan to Turkey and western markets.

Armenia, along with Albania, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine, is a member of the Black Sea Economic Cooperation. The group set up a Black Sea and Balkan regional economic center to help coordinate energy strategies, such as finding the best locations for pipelines through the region.

Natural gas

Armenia in 1998 received all its natural gas-last reported at about 57 bcf in 1995-from Turkmenistan. The supplies for several years had been cut off sporadically because of ethnic and civil unrest in the Caucasus, pipeline accidents, and nonpayment of debts.

In April 1996, Armenia and Turkmenistan agreed to convert Armenia`s $34 million in gas debts from 1994 and 1995 into a 5-year loan. As an alternative to Turkmeni gas, Armenia had talked with Iran about building a $120 million, 90-mile pipeline for delivery of Iranian gas.

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