Armenal invested $120 million in upgrading aluminum foil production
02.10.2014,
15:49
ArmenAl Armenian-Russian foil-rolling plant in Yerevan has invested a total of $120 million in upgrading the facility since 2000, economy minister Karen Chshmarityan said Thursday during a government session after it granted the plant a three-year VAT payment deferment.
YEREVAN, October 2. / ARKA /. ArmenAl Armenian-Russian foil-rolling plant in Yerevan has invested a total of $120 million in upgrading the facility since 2000, economy minister Karen Chshmarityan said Thursday during a government session after it granted the plant a three-year VAT payment deferment.
The minister said the plant plans to import a furnace, worth 202 million drams, for processing of aluminum foil and an electrostatic coating system worth 310.7 million drams.
He said as part of its investment program the plant seeks to increase production of aluminum foil by 5,600 tons per year. The installment of new equipment will create 35 new jobs, Chshmarityan said.
Under a government decision, the deferment is awarded to companies which import more than 200 million drams worth modern equipment or technology to expand their output and modernize production facilities.
The ArmenAl foil rolling mill was founded in May 2000 on the basis of Kanaker aluminium smelter in Yerevan. It is one of the biggest production facilities in Armenia and is the only producer of aluminium foil in the Caucasus and Central Asian regions.
In 2000 the mill was integrated into United Company RUSAL. Together with two other foil mills, SAYANAL in the Russian republic of Khakasia and Urals Foil, ARMENAL forms the company’s Packaging Division. ($1 407.58 drams). -0-
