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HRAZDAN CEMENT PLANT'S DEBT REACHES 509 MILLION DRAMS
YEREVAN, April 3. / ARKA /. The Hrazdan cement plant has an outstanding
debt of 509 million drams to tax authorities, the plant's chief
manager Naira Martirosyan told a news conference today.
According to her, the basic debt is 141 million drams, while 367
million drams are penalties for delay in payment of basic taxes.
She said in 2008-2014 the plant paid 2.9 billion drams in various
taxes, however, because of the protracted crisis, problems with exports
and a sharp decline in domestic construction the plant is incurring
serious losses being unable to pay the debt. She said the plant asked
the authorities to restructure the debt, but the request was declined.
She said if this policy continues it may lead to closure of the plant,
which is currently able to resume production in its entirety if the
debt is restructured. She said Armenia has local raw materials and
good equipment to produce high quality and competitive products.
The Hrazdan cement plant was commissioned in 1970. It sold its
products both at home and in Georgia and Russia. In the 90s the
plant stood idle. In 2001 it was privatized by the owner of MIKA
Armenia Mikhail Bagdasarov. Later it was sold to VTB Bank (Armenia)
as repayment of debt.
The plant resumed operation in July 2014 thanks to a loan from VTB Bank
(Armenia). The plant produced about 10 brands of Portland cement.
Located in the town of Hrazdan in Kotayk region it can produce up to
1.2 million tons of cement a year and one million ton of clinker. ($
1 - 473.05 drams). 0-
http://arka.am/en/news/business/hrazdan_cement_plant_s_debt_reaches_509_million_dr ams/#sthash.VT191XWe.dpuf
From: A. Papazian
YEREVAN, April 3. / ARKA /. The Hrazdan cement plant has an outstanding
debt of 509 million drams to tax authorities, the plant's chief
manager Naira Martirosyan told a news conference today.
According to her, the basic debt is 141 million drams, while 367
million drams are penalties for delay in payment of basic taxes.
She said in 2008-2014 the plant paid 2.9 billion drams in various
taxes, however, because of the protracted crisis, problems with exports
and a sharp decline in domestic construction the plant is incurring
serious losses being unable to pay the debt. She said the plant asked
the authorities to restructure the debt, but the request was declined.
She said if this policy continues it may lead to closure of the plant,
which is currently able to resume production in its entirety if the
debt is restructured. She said Armenia has local raw materials and
good equipment to produce high quality and competitive products.
The Hrazdan cement plant was commissioned in 1970. It sold its
products both at home and in Georgia and Russia. In the 90s the
plant stood idle. In 2001 it was privatized by the owner of MIKA
Armenia Mikhail Bagdasarov. Later it was sold to VTB Bank (Armenia)
as repayment of debt.
The plant resumed operation in July 2014 thanks to a loan from VTB Bank
(Armenia). The plant produced about 10 brands of Portland cement.
Located in the town of Hrazdan in Kotayk region it can produce up to
1.2 million tons of cement a year and one million ton of clinker. ($
1 - 473.05 drams). 0-
http://arka.am/en/news/business/hrazdan_cement_plant_s_debt_reaches_509_million_dr ams/#sthash.VT191XWe.dpuf
From: A. Papazian