Features of the implementation of the investment project “Razdan-5” of PJSC “Gazprom” in the energy market of the Republic of Armenia

The international natural gas market currently shows a tendency to form gas and energy systems that implement activities based on the principle of diversification. The article analyzes the directions of diversification of economic activities of Gazprom Armenia CJSC in the context of development of the national energy market. The purpose of the study is to analyze the main production and financial characteristics and assess the potential economic efficiency of the implementation of an investment project to diversify the activities of Gazprom Armenia CJSC, aimed at modernizing and operating production capacities for the production of electric energy with the prospect of its export. Based on economic calculations of the optimistic scenario for the implementation of the investment project, a conclusion was made on the feasibility of modernizing the Razdan-5 power unit for the production and sale of electricity. The importance of the project in terms of reducing the risk of losses in the financial and economic activities of Gazprom Armenia CJSC and creating a new source of income for the enterprise is noted. The possibility of improving the efficiency and increasing the competitiveness of Gazprom Armenia CJSC in the regional energy market as a result of implementing a project to expand electricity exports beyond the borders of Armenia based on the use of modern electricity generation technologies and upgrading a standard power unit into a combined-cycle unit is demonstrated.