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SAFARYAN URGES GOVERNMENT TO RESUME PRODUCTION OF RUBBER AT NAIRIT PLANT
YEREVAN, February 20. / ARKA /. Vazgen Safaryan, head of the Union
of Domestic Commodity Producers, urged the government today to do
everything possible to resume production of synthetic rubber at
chemical plant Nairit.
Officials from Russian state-owned oil company Rosneft, Pirelli
Tyre Russia and Rosneft- Armenia signed in Yerevan on December
25 a memorandum of understanding to establish a joint venture for
production of synthetic rubber at Nirit. The memorandum and several
other agreements aimed at enhancing cooperation were signed after
the meeting of Armenian President Serzh Sargsyan with Rosneft head
Igor Sechin.
Later, Prime Minister Tigran Sargsyan said Rosneft planned to invest
$400 million in construction of a new plant in Armenia. Also Russian
ambassador to Armenia, Ivan Volynkin, expressed hope that Nairit's
personnel would be recruited by the new enterprise.
Safaryan said to a news conference today that to begin production of
rubber Nairit may start cooperation with Yerevan thermal power plant
and use gas shipped by Iran and pay for it by rubber. This way the
plant may generate proceeds to pay back its huge debt, he said.
In 2006, 90% of Nairit's shares were sold to British RHinoville
Property Limited for $40 million. The remaining 10% belong to
the Armenian government. RHinŠ¾ville Property Limited was set up
by Polish Samex, US Intertex and Russian Eurogaz. In April 2010 the
plant stopped producing rubber. Before the halt, it sold synthetic
rubber to EU countries, Russia (about 30% of the exports), the United
States and 20 other countries.
In January the Moscow Arbitration Court ruled that Rhinoville Property
Limited pay $107.95 million to the Interstate Bank. Particularly,
the court ordered that the company pay $ 68.6 million of principal
debt as well as interests and penalty on an Interstate Bank loan.
Representatives of the defendant, as well as Nairit did not attend
the court session despite being notified.
According to media reports, in 2006 the Interstate Bank opened a $70
million credit line for Rhinoville Property Limited. The Interstate
Bank filed also another lawsuit against Nairit, which acts as a
guarantor of the loan, for the recovery of $25.183 million.
In 2013 February the court returned the lawsuit against the bank
on grounds that it was filed with a violation of the rules, but the
appeal court overturned this ruling. The new court hearing on this
lawsuit is scheduled for March 11. -0-
- See more at:
http://arka.am/en/news/economy/safaryan_urges_government_to_resume_production_of_ rubber_at_nairit_plant/#sthash.xQADJgY0.dpuf
YEREVAN, February 20. / ARKA /. Vazgen Safaryan, head of the Union
of Domestic Commodity Producers, urged the government today to do
everything possible to resume production of synthetic rubber at
chemical plant Nairit.
Officials from Russian state-owned oil company Rosneft, Pirelli
Tyre Russia and Rosneft- Armenia signed in Yerevan on December
25 a memorandum of understanding to establish a joint venture for
production of synthetic rubber at Nirit. The memorandum and several
other agreements aimed at enhancing cooperation were signed after
the meeting of Armenian President Serzh Sargsyan with Rosneft head
Igor Sechin.
Later, Prime Minister Tigran Sargsyan said Rosneft planned to invest
$400 million in construction of a new plant in Armenia. Also Russian
ambassador to Armenia, Ivan Volynkin, expressed hope that Nairit's
personnel would be recruited by the new enterprise.
Safaryan said to a news conference today that to begin production of
rubber Nairit may start cooperation with Yerevan thermal power plant
and use gas shipped by Iran and pay for it by rubber. This way the
plant may generate proceeds to pay back its huge debt, he said.
In 2006, 90% of Nairit's shares were sold to British RHinoville
Property Limited for $40 million. The remaining 10% belong to
the Armenian government. RHinŠ¾ville Property Limited was set up
by Polish Samex, US Intertex and Russian Eurogaz. In April 2010 the
plant stopped producing rubber. Before the halt, it sold synthetic
rubber to EU countries, Russia (about 30% of the exports), the United
States and 20 other countries.
In January the Moscow Arbitration Court ruled that Rhinoville Property
Limited pay $107.95 million to the Interstate Bank. Particularly,
the court ordered that the company pay $ 68.6 million of principal
debt as well as interests and penalty on an Interstate Bank loan.
Representatives of the defendant, as well as Nairit did not attend
the court session despite being notified.
According to media reports, in 2006 the Interstate Bank opened a $70
million credit line for Rhinoville Property Limited. The Interstate
Bank filed also another lawsuit against Nairit, which acts as a
guarantor of the loan, for the recovery of $25.183 million.
In 2013 February the court returned the lawsuit against the bank
on grounds that it was filed with a violation of the rules, but the
appeal court overturned this ruling. The new court hearing on this
lawsuit is scheduled for March 11. -0-
- See more at:
http://arka.am/en/news/economy/safaryan_urges_government_to_resume_production_of_ rubber_at_nairit_plant/#sthash.xQADJgY0.dpuf