Armenian government looking for investor to re-launch Nairit plant
16.09.2015,
19:16
Armenia’s energy and natural resources minister Yervand Zakaryan told a parliament Q&A session today that the government is looking for an investor for re-launching the operation of a sprawling Soviet-era built Nairit chemical plant in Yerevan, saying it would require about $200-300 million in investment.
YEREVAN, September 16. / ARKA /. Armenia’s energy and natural resources minister Yervand Zakaryan told a parliament Q&A session today that the government is looking for an investor for re-launching the operation of a sprawling Soviet-era built Nairit chemical plant in Yerevan, saying it would require about $200-300 million in investment.
The minister recalled also a World Bank study which says that Nairit does not have the technical and financial viability for continued operation and that it must be dissolved. According to the minister, dissolution is not “suitable” for the Armenian government,
Earlier this year Zakaryan said the bankruptcy of the plant and hazard neutralization issues would require sizable financial expenses, which the government did not have.
He said today that the government is ready to freeze the plant’s debts only to ensure its resumption. According to him, the government is ready to consider any proposal to relaunch the plant. He, added, however, that no concrete proposals have been received from investors in the last 2-3 years.
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 2006, 90% of Nairit’s shares were sold to British Rhinoville Property Limited for $40 million. The remaining 10% belong to the Armenian government.
Rhinоville Property Limited has been co-founded by the Samex company (Poland), Intertex (USA) and Evrogaz (Russia). In 2010 production was suspended at the plant. -0-
The minister recalled also a World Bank study which says that Nairit does not have the technical and financial viability for continued operation and that it must be dissolved. According to the minister, dissolution is not “suitable” for the Armenian government,
Earlier this year Zakaryan said the bankruptcy of the plant and hazard neutralization issues would require sizable financial expenses, which the government did not have.
He said today that the government is ready to freeze the plant’s debts only to ensure its resumption. According to him, the government is ready to consider any proposal to relaunch the plant. He, added, however, that no concrete proposals have been received from investors in the last 2-3 years.
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 2006, 90% of Nairit’s shares were sold to British Rhinoville Property Limited for $40 million. The remaining 10% belong to the Armenian government.
Rhinоville Property Limited has been co-founded by the Samex company (Poland), Intertex (USA) and Evrogaz (Russia). In 2010 production was suspended at the plant. -0-
