Transeuro Energy Canadian Corporation (former Indusmin Energy) started preparatory works for search of oil and gas in the so-called licensed bloc covering the Armavir region of Armenia, head of the department of the fuel and energy resources Andranik Aghabalian stated, Arminfo agency reports. In Aghabalian’s words, with the improvement of weather conditions the corporation will proceed to the fieldwork and fix the place for the first well. Transeuro Energy is focused at the search of natural gas. The department head noted that Armenia is the only post-soviet country lacking oil processing capacities but possessing a developed gas-transport system. In this view gas production for industrial use is more promising than oil production. During the initial five years the corporation is to invest at least $10.5 million, Aghabalian informed adding that Transeuro Energy has become the assignee of the Armenian-American geological prospecting company by purchasing its rights and obligations.
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