Yerevan/Mediamax/. From now on, licenses for prospecting oil and gas in Armenia will be provided on the basis of a competition.

Mediamax reports that the corresponding decision was made at the session of the Armenian government today.

Minister of Energy and Natural Resources of Armenia Armen Movsisyan said that so far licenses for exploration and prospecting of minerals, which are of strategic importance, have been provided on an auction basis.

“Oil and gas are considered strategic raw materials and the area for their prospecting should be provided on the basis of a competition, taking into account the fact that the programs, provided by companies, and their economic potential, are taken into account during the competition”, Minister said.