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Post-Crisis Situation More Favorable For Armenian Chemical Industry

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  • Post-Crisis Situation More Favorable For Armenian Chemical Industry

    POST-CRISIS SITUATION MORE FAVORABLE FOR ARMENIAN CHEMICAL INDUSTRY - GOVERNMENT

    news.am
    July 13 2011
    Armenia

    YEREVAN.- Neither Armenian Prime Minister Tigran Sargsyan nor any
    other official, any resident of Armenia are co-owners of Rainoville
    company owning Armenia's Nairit chemical plant, said Minister of
    Energy and Natural Resources Armen Movsisyan.

    Owner of Nairit plant is Rainoville company control stock of which
    belongs to CIS Interstate bank.

    Speaking about the reasons why Rainoville company was unable to cope
    with the management of chemical giant, Movsisyan said that there are
    objective and subjective reasons. He claimed it was the only company
    which agreed to buy Nairit for $ 40 million in addition to debts.

    Among the objective reasons he mentioned rise in gas prices in Armenia
    and AMD revaluation.

    Minister Movsisyan said that the government has drafted a plan for
    rehabilitation of Nairit. If implemented, chemical giant will be able
    to work at full capacity.

    German C.A.C company is interested in management of the plant,
    he added.

    "Negotiations with the company are underway. If they do not succeed,
    there are other proposals from Poland and Russia," said Movsisyan.

    He stressed that more favorable atmosphere for the chemical industry
    developed after global crisis.

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