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IDLE NAIRIT PLANT'S EMPLOYEES HOLD AN ACTION OF PROTEST IN FRONT OF ARMENIAN PRESIDENT'S PALACE AND DEMAND THEIR SALARIES PAYABLE
by Arthur Yernjakyan
ARMINFO
Wednesday, February 12, 18:30
Dozens of employees of Nairit Plant, which has been idle since April
2010, have made their way to the Armenian President's Palace to demand
their salaries payable.
Earlier on Wednesday, they met with Armenian Minister of Energy and
Natural Resources Armen Movsisyan, who promised to pay them 1 month's
salary payable and this caused the Nairit employees' indignation. The
minister added that the Plant's destiny will shortly be decided due
to Rosneft's efforts.
According to ArmInfo's information, Rosneft has expressed an intention
to build a new rubber plant instead of upgrading the current plant
and repaying its debts. It is not ruled out that part of the Nairit
specialists will be employed at the new plant.
On 25 December 2013, Rosneft, L.L.C. PIRELLI Tyre Russia, and Rosneft
Armenia signed a Memorandum of Understanding in Yerevan. The Memorandum
envisages creation of a styrene-butadiene rubber (SBR) production
joint venture in Armenia. The fixed assets of Nairit Plant and its
principal shareholder Rhinoville Property Limited were transferred
to Interbank as a result of non-redemption of a loan. The 70 mln USD
loan was provided in 2006 against security of the Plant.
The latter received the loan for 5 years, i.e. till late Dec 2011,
at 12,5% p.a. The current debt of the Plant is over $130 mln.
by Arthur Yernjakyan
ARMINFO
Wednesday, February 12, 18:30
Dozens of employees of Nairit Plant, which has been idle since April
2010, have made their way to the Armenian President's Palace to demand
their salaries payable.
Earlier on Wednesday, they met with Armenian Minister of Energy and
Natural Resources Armen Movsisyan, who promised to pay them 1 month's
salary payable and this caused the Nairit employees' indignation. The
minister added that the Plant's destiny will shortly be decided due
to Rosneft's efforts.
According to ArmInfo's information, Rosneft has expressed an intention
to build a new rubber plant instead of upgrading the current plant
and repaying its debts. It is not ruled out that part of the Nairit
specialists will be employed at the new plant.
On 25 December 2013, Rosneft, L.L.C. PIRELLI Tyre Russia, and Rosneft
Armenia signed a Memorandum of Understanding in Yerevan. The Memorandum
envisages creation of a styrene-butadiene rubber (SBR) production
joint venture in Armenia. The fixed assets of Nairit Plant and its
principal shareholder Rhinoville Property Limited were transferred
to Interbank as a result of non-redemption of a loan. The 70 mln USD
loan was provided in 2006 against security of the Plant.
The latter received the loan for 5 years, i.e. till late Dec 2011,
at 12,5% p.a. The current debt of the Plant is over $130 mln.