Gazprom's board of directors has approved the company's acquisition of additional shares in Armenian natural gas monopoly ArmRosgazprom.

As a result of the approval, Gazprom’s share in ArmRosgazprom will grow from 45% to 58%.

ArmRosgazprom’s major business line is natural gas supply to Armenia’s internal market. In addition, the company is engaged in natural gas transmission, storage, processing, distribution and marketing in the Republic of Armenia.

Gazprom’s board of directors also agreed on Gazprom (UK) Ltd’s acquisition of shares in UrdanetaGazprom-1 SA and UrdanetaGazprom-2 SA (Venezuela).

Continuing the buying and selling spree, Gazprom’s board has also reportedly approved the sale of a 24.9% stake in its Gazprombank unit to fellow subsidiary Gazfond pension fund, and the acquisition of a 19.9% stake in electricity company Mosenergo.