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INDEPENDENT COMMISSION TO BE SET UP TO DETERMINE NAIRIT PLANT DEBT
/ARKA/
February 17, 2012
YEREVAN
YEREVAN, February 17, /ARKA/. Armenian energy and natural resources
minister Armen Movsisyan said Thursday an independent commission will
be set up to determine the amount of debt of Nairit chemical plant
in Yerevan.
According to a variety of estimates, the total debt of Nairit synthetic
rubber producer is $120-$130 million, of which $20-$25 million is
owed to Armenian banks. He said if the commission finds that part of
the funds were invested in the development of production but did not
pay off, the problem of repayment will be removed fr om agenda. The
minister said that several large companies interested in Nairit,
have already investigated its investment program.
"The next stage is an independent assessment of the investment
project. We hope to sign a relevant agreement soon," he said.
Movsisyan also said if the investment program is approved a tender
will be announced to choose a company to run the plant.
In 2011 October Armenia formally asked the Anti-Crisis Fund of the
Eurasian Economic Community for a $400 million loan for Nairit.
Nairit plant was closed in 1989 for ecological reasons, but resumed
partial operation in 1992-93. In 2006 some 90 % of its shares were
sold to a British-registered Rainoville Property Lim ited at $40
million. The Armenian government has a 10 percent stake in the
Soviet-built company, which has repeatedly changed owners over the
past two decades.
/ARKA/
February 17, 2012
YEREVAN
YEREVAN, February 17, /ARKA/. Armenian energy and natural resources
minister Armen Movsisyan said Thursday an independent commission will
be set up to determine the amount of debt of Nairit chemical plant
in Yerevan.
According to a variety of estimates, the total debt of Nairit synthetic
rubber producer is $120-$130 million, of which $20-$25 million is
owed to Armenian banks. He said if the commission finds that part of
the funds were invested in the development of production but did not
pay off, the problem of repayment will be removed fr om agenda. The
minister said that several large companies interested in Nairit,
have already investigated its investment program.
"The next stage is an independent assessment of the investment
project. We hope to sign a relevant agreement soon," he said.
Movsisyan also said if the investment program is approved a tender
will be announced to choose a company to run the plant.
In 2011 October Armenia formally asked the Anti-Crisis Fund of the
Eurasian Economic Community for a $400 million loan for Nairit.
Nairit plant was closed in 1989 for ecological reasons, but resumed
partial operation in 1992-93. In 2006 some 90 % of its shares were
sold to a British-registered Rainoville Property Lim ited at $40
million. The Armenian government has a 10 percent stake in the
Soviet-built company, which has repeatedly changed owners over the
past two decades.