End in assessing Armenian Nairit Plant’s modernization program is not seen- Newspaper

YEREVAN, June 27. /ARKA/. Terms of finishing assessment process of modernization and re-equipment of Nairit chemical giant are currently not defined, Zhamanak newspaper (Time) reports on Wednesday. 

The total debt of the plant is $120-130 million, according to very different data. Inner debt to Armenian banks makes up $20-25 million fr om this amount. On October 12 of 2011 Armenia formally asked the Anti-Crisis Fund of the Eurasian Economic Community for a $400 million loan for Nairit.

The source says the Minister of Energy and Natural Resources earlier reported that international experts will finish their assessment program within two months.

“Over two months have passed, but the Ministry says the experts haven’t finished their assessment yet. Why they are late is not clear. It is also unclear when the process will be over, and when the further destiny of the plant will be defined,” the source says.

The Ministry also highlighted that the details of the modernization program will be presented after the experts conclude their assessment results. 

In March of this year Deputy Chairman of Eurasian Development Bank Dmitry Zhurba expressed doubts on possibility to implement Nairit plant’s modernization project. 

Nairit plant was closed in 1989 for ecological reasons, but resumed partial operation in 1992-93. In 2006 some 90 % of its shares were sold to a British-registered Rainoville Property Lim ited  for $40 million. The Armenian government has a 10- percent stock in the Soviet-built company, which has repeatedly changed owners over the past two decades. -0-