Tweet
ROSNEFT AND ITERA IN TALKS FOR ARMENIAN PLANT
13:27, 7 May, 2013
YEREVAN, MAY 7, ARMENPRESS: The Russian oil major Rosneft and gas
producer Itera are in talks with the Armenian authorities to make
investments in the Armenia's largest petrochemical plant, Nairit,
which specializes in the production of chloroprene rubber, as reported
by Armenpress, quoting the Russian Vedomosti.
A source in Itera confirmed that the company was considering
"different variants of participating in the project," adding that a
final decision may be made by the end of May. The representatives of
the Rosneft and Itera do not comment on this.
In 2011, the Armenian government rejected an Itera proposal for the
plant and drafted its own plan of investment in Nairit's production.
"The Ministry of Energy and Natural Resources of the Republic
of Armenia has developed its investments program for the Nairit's
reconstruction and development", - stated the Press Secretary of the
Ministry of Energy and Natural Resources of Armenia Lusine Harutyunyan,
adding that the program was presented to Rosneft.
Rosneft refused to comment on the government plan and reminds that
the President of the company Igor Sechin and the Deputy President of
Itera Gagik Martirosyan visited Armenia in the beginning of April. "If
Rosneft specialists consider the program attractive, the sides will
begin the negotiations on the participation of the company in the
project", - stated the representative of the Ministry of Energy and
Natural Resources of the Republic of Armenia.
If Rosneft and Itera agree to participate in the modernization of
Nairit, Armenia will get the credit of 400 million USD from the
Eurasian Development Bank for the refinancing of the debts of the
plant and its modernization.
Nairit, which is owned by the British Rhinoville Property Limited and
the Armenian government, which own 90 percent and 10 percent of the
company, respectively, faces bankruptcy with a debt of 120 million
USD to 130 million USD.
Production at the plant stalled in April 2010 when gas prices
skyrocketed from 54 USD to 180 USD per 1,000 cubic meters, which made
Nairit's operations unprofitable.
In the 1980s, the plant produced 10 percent to 12 percent of
chloroprene rubber in the world.
13:27, 7 May, 2013
YEREVAN, MAY 7, ARMENPRESS: The Russian oil major Rosneft and gas
producer Itera are in talks with the Armenian authorities to make
investments in the Armenia's largest petrochemical plant, Nairit,
which specializes in the production of chloroprene rubber, as reported
by Armenpress, quoting the Russian Vedomosti.
A source in Itera confirmed that the company was considering
"different variants of participating in the project," adding that a
final decision may be made by the end of May. The representatives of
the Rosneft and Itera do not comment on this.
In 2011, the Armenian government rejected an Itera proposal for the
plant and drafted its own plan of investment in Nairit's production.
"The Ministry of Energy and Natural Resources of the Republic
of Armenia has developed its investments program for the Nairit's
reconstruction and development", - stated the Press Secretary of the
Ministry of Energy and Natural Resources of Armenia Lusine Harutyunyan,
adding that the program was presented to Rosneft.
Rosneft refused to comment on the government plan and reminds that
the President of the company Igor Sechin and the Deputy President of
Itera Gagik Martirosyan visited Armenia in the beginning of April. "If
Rosneft specialists consider the program attractive, the sides will
begin the negotiations on the participation of the company in the
project", - stated the representative of the Ministry of Energy and
Natural Resources of the Republic of Armenia.
If Rosneft and Itera agree to participate in the modernization of
Nairit, Armenia will get the credit of 400 million USD from the
Eurasian Development Bank for the refinancing of the debts of the
plant and its modernization.
Nairit, which is owned by the British Rhinoville Property Limited and
the Armenian government, which own 90 percent and 10 percent of the
company, respectively, faces bankruptcy with a debt of 120 million
USD to 130 million USD.
Production at the plant stalled in April 2010 when gas prices
skyrocketed from 54 USD to 180 USD per 1,000 cubic meters, which made
Nairit's operations unprofitable.
In the 1980s, the plant produced 10 percent to 12 percent of
chloroprene rubber in the world.