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A $65 MILLION INVESTMENT IN NAIRIT CHEMICAL PLANT I WOULD SECURE ANNUAL PROFIT OF $17 MILLION -TRADE UNION HEAD
YEREVAN, April 3. / ARKA /. A $65 million investment in Nairit chemical
plant in Yerevan that produced synthetic rubber would secure an annual
profit of $17 million, the head of the company's trade union Hrachya
Tadevosyan said today when speaking at a discussion on the future of
the plant organized by the Public Council.
He said although the plant has been idle since March, 2010, there is
all the necessary equipment that will allow resumption of operation
if the investment is made. Tadevosyan argued that the investment
would pay back in 3 years.
Tadevosyan's arguments were endorsed by the head of the Union of
Domestic Commodity Producers Vazgen Safaryan, who said a relating
study shows that the facility is able to become self-sufficient. The
only problem is finding potential investors.
He said the Public Council sent to the government a plan of actions
to revive the plant by merging it with the Yerevan Thermal Power
Plant and to use Iranian gas shipped to the thermal power plant for
production of synthetic rubber. He said Nairit can produce 17,000
tons of rubber and 6,000 tons of soda a year.
Nairit was the only plant in the Soviet Union to produce chloroprene
rubber. The plant was closed in 1989 for environmental reasons and
resumed operating partially in 1992. 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.
Rhinоville Property Limited has been co-founded by the Samex company
(Poland), Intertex (USA) and Evrogaz (Russia). In 2010 production
was suspended at the plant. The back wages in late 2013 were worth
$12 million. -0-
http://arka.am/en/news/economy/a_65_million_investment_in_nairit_chemical_plant_i _would_secure_annual_profit_of_17_million_trade_un/#sthash.dTuqQGWL.dpuf
From: A. Papazian
YEREVAN, April 3. / ARKA /. A $65 million investment in Nairit chemical
plant in Yerevan that produced synthetic rubber would secure an annual
profit of $17 million, the head of the company's trade union Hrachya
Tadevosyan said today when speaking at a discussion on the future of
the plant organized by the Public Council.
He said although the plant has been idle since March, 2010, there is
all the necessary equipment that will allow resumption of operation
if the investment is made. Tadevosyan argued that the investment
would pay back in 3 years.
Tadevosyan's arguments were endorsed by the head of the Union of
Domestic Commodity Producers Vazgen Safaryan, who said a relating
study shows that the facility is able to become self-sufficient. The
only problem is finding potential investors.
He said the Public Council sent to the government a plan of actions
to revive the plant by merging it with the Yerevan Thermal Power
Plant and to use Iranian gas shipped to the thermal power plant for
production of synthetic rubber. He said Nairit can produce 17,000
tons of rubber and 6,000 tons of soda a year.
Nairit was the only plant in the Soviet Union to produce chloroprene
rubber. The plant was closed in 1989 for environmental reasons and
resumed operating partially in 1992. 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.
Rhinоville Property Limited has been co-founded by the Samex company
(Poland), Intertex (USA) and Evrogaz (Russia). In 2010 production
was suspended at the plant. The back wages in late 2013 were worth
$12 million. -0-
http://arka.am/en/news/economy/a_65_million_investment_in_nairit_chemical_plant_i _would_secure_annual_profit_of_17_million_trade_un/#sthash.dTuqQGWL.dpuf
From: A. Papazian