Nairit expects financing from CIS interstate bank and Eurasian economic cooperation
YEREVAN, November 19, /ARKA/. Vahan Melkonian, chief executive manager of Nairit synthetic rubber plant, said the plant expects to receive financing from CIS Interstate Bank and the Eurasian Economic Cooperation organization to re-launch the plant that has been standing idle for several months already having accumulated huge electricity and wage debts.
In an interview with Armenian Public TV Thursday Vahan Melkonian said the management wants to resume the plant’s operation concurrently with upgrading its technological process.
“The immediate goal is to resume the plant’s operation. We are ready to work even without profits so that to stay in the market,’ he said. The plant’s modernization is estimated to cost $53 million.
On Thursday the plant’s employees received their back wages for one month. The management is working to pay the back wages for three more months, Vahan Melkonian said.
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 Limited at $40 million.
The Armenian government has a 10 percent stake in the Soviet-built company, which has repeatedly changed owners over the past two decades. -0-