About $500 million planned to be invested in Armenia’s new chemical plant

About $500 million planned to be invested in Armenia’s new chemical plant

YEREVAN, February 25. /ARKA/. About $500 million is planned to be invested in construction of a new chemical plant in Armenia, Armenia’s premier Tigran Sargsyan told reporters Monday after his meeting with Russia’s premier Dmitry Medvedev.

Sargsyan said head of Rosneft Igor Sechin reported about the investment programs at the meeting.

“We will be discussing the issue during next week to see what conditions we should create for these investments so that they are made within the shortest possible time”, Sargsyan said as cited by the government press office.

The premier also said employees of Nairit chemical plant will be employed by the new plant.

Nairit was the only plant in the Soviet Union producing 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 Rainoville Property Limited for $40 million. The remaining 10% belong to the Armenian government. The plant operations were suspended in 2010. 

On December 25, 2013, Rosneft, Pirelli Tire Russia and Rosneft-Armenia signed a memorandum of understanding in Yerevan to set up a joint venture for butadiene-styrene rubber production. Armenia’s premier was cited as saying Rosneft was planning to invest 400 million dollars in construction of a new plant in Armenia. Russian ambassador to Armenia Ivan Volinkin said specialists from Nairit will be demanded in the new plant. –0--

11:01 25.02.2014

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