Armenian Gas and Power Enterprises Inc.
Armenian Gas and Power Enterprises Incorporated (AGAPE) is a privately-held company, headquartered in Montreal, Canada. Its long-term objective is to build a diversified portfolio focused on the acquisition, exploration and development of energy and other resource-related assets in Armenia and neighbouring countries.
Its primary assets in Armenia are oil and gas concessions in which the company was able to choose what it believes to be the best prospective areas from a gross license area covering almost half the country, and which provide the opportunity to explore for hydrocarbons in one of the world’s last remaining under-explored onshore basins. The company benefits from an experienced team of earth–scientists and operators based locally, working collaboratively with senior management in Canada, linking AGAPE into productive partnerships and access to capital globally. Canada offers the unique platform to build and develop these initiatives including its standing as the 4th largest equity market by float capitalization in the MSCI world Index. Canada benefits from the world’s soundest banking system, sits amongst the top ten in the global opportunity index and continues to host the number one spot in the world for publicly traded oil, gas and mineral exploration and development companies. All of these attributes provide the platform for AGAPE’s current prospects and continued future success.
Armenia's hydrocarbon potential is said to have been overlooked, even though it is a neighbour to Iran, Georgia, Azerbaijan, and Turkey – countries that collectively produce billions of barrels of oil and trillions of cubic feet of gas and sits within the area considered one of the birthplaces of the oil industry. Armenia currently imports almost all of its hydrocarbons from Russia and Iran via gas pipeline, leaving a ready open market for any indigenous sources.
Since the collapse of the Soviet Union, the Caspian Sea and south Caucasus have become the focus of considerable international attention, primarily because the area is one of the oldest and richest oil and gas producing areas in the world. Armenia’s present policy has been stated as “to bring about the rapid evaluation and development of the country’s hydrocarbon potential and the efficient and timely development thereof, if commercial quantities of hydrocarbons can be discovered". It is within the spirit of this aspiration that the team at Armenian Gas and Power Enterprises is pushing forward to unlock the potentially vast reserves of Armenia.
Armenian Gas and Power Enterprises has a unique partnership with the Government of Armenia whereby at least 50% of revenues generated by AGAPE’s investment will be transferred to the government. Furthermore, AGAPE will pay an additional 20% tax on any profits from its remaining share of any revenue that AGAPE is able to generate from its investments in Armenia.
This partnership has been designed to create a positive outcome for not only AGAPE but – more importantly – the Republic of Armenia and all of its concerned stakeholders. It is envisaged that this partnership should enable AGAPE to become a significant taxpayer in Armenia, while allowing the company the funds to support continued investment into the sustainable development of the resources so potentially critical to the economic independence and success of the Republic of Armenia.
Moreover, at AGAPE, we believe in improving the quality of the communities in which we operate. We will aim to ensure these communities stay strong and vibrant for generations. This means investing in the local people and creating programs that can benefit the entire community. Our transparent approach to working with local communities will help ensure our stakeholders benefit from our commitment to achieving sustainable goals in improving the quality of life in local communities. We are fully committed to engaging local businesses and ensuring where possible that in our operations we work with local vendors and small business owners to support the community through active and ongoing stakeholder engagement activities. AGAPE is fully committed to engaging the local workforce and assisting in developing local leadership skills through skills development programs for members of the communities we’ll be operating in.