Part of Nairit’s assets handed over to Vorotan Hydro Cascade for debt

Part of Nairit’s assets handed over to Vorotan Hydro Cascade for debt

YEREVAN, July 24. /ARKA/. Armenia’s Cabinet ministers approved the Nairit asset handover decision as met Thursday for a regular session. 

The decision implies the handover of 53.27% of Nairit-2 CJSC’s assets worth AMD 7320.8 million and Nairit Plant’s 3.5967% worth AMD 983.4 million to Vorotan Cascade of hydro power plants for debt.  
It means the debt of Armgazprom that runs Nairit will be considered repaid. 

The Cabinet also decided that budget loans and other liabilities of Armgazprom to the Armenian finance ministry will be repaid by handing a part of its assets over to the government. The right of claiming all the accounts receivable to the defense ministry, Tech-Stepanakert Gas Pipeline and 46.73% of Nairit-2 CJSC’s assets is included here as well.  

As a result, 46.73% of Nairit-2 CJSC and Tech-Stepanakert Gas Pipeline will be owned by the Armenian energy and natural resources ministry and run by the energy minister.  

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 2001, some production facilities were separated from the plant for producing chloroprene rubber and a debt-free enterprise based on them was established.  

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. In April 2010 the plant ceased operating. 

Energy and Natural Resources Minister Yervand Zakharyan said earlier that the matter wiould be settled in accordance with the law on closed joint stock companies. 

The Vorotan Hydro Cascade complex is a series of three hydroelectric power plants totalling 404.2 megawatts on the Vorotan River in southern Armenia. It generates 1.16 billion KWt-hour, on average, every year and accounts for about 15 percent of Armenia's power capacity providing energy for 250,000 homes.

On January 29, 2014, he United States’ Contour Global Hydro Cascade and the Armenian government sealed a $180-million Vorotan Hydro Cascade’s assets sale-purchase deal. ($1 – AMD 406.56)..--0--

14:26 24.07.2014

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