When it was founded, the Russian state gas monopolist Gazprom owned 45% of stock, the Energy Ministry of Armenia 45% and the ITERA company 10%.

In April 2006, Gazprom and Armenia signed a contract for 25 years about strategic principles of cooperation in gas and energy projects in the Armenian territory.

During a visit to Moscow at the end of October 2006, Armenia's President Robert Kocharyan announced, that Gazprom will buy additional ARG-shares and then controls 58% of the companies equity capital.

On 27 October 2006 Gazprom's Executive Board approved acquire additional issues of ARG, which is most likely part of April's controversial deal.

Critics now say that placing the pipeline under Russian control would only deepen that dependence and that the agreement could be seen as a big geopolitical victory of Russia in the Transcaucasian region.