ArmOil to invest $35 million in construction of refinery
25.12.2015,
10:29
Armenian ArmOil company will invest 16.8 billion drams (about $35 million) in the construction of an oil refinery, economy minister Karen Chshmarityan said December 24.
YEREVAN, December 25. /ARKA/. Armenian ArmOil company will invest 16.8 billion drams (about $35 million) in the construction of an oil refinery, economy minister Karen Chshmarityan said December 24.
He said the company plans to build the refinery in the town of Yeghvard (Kotayk region). According to its investment program, the refinery will have a storage facility and a laboratory. The minister said about 102 million drams of the investment will be allocated for the purchase of related equipment.
"At the initial stage the company will build a storage facility for 4000 tons of oil products and then equip it with a laboratory, and in 2016 the company will build a small refinery," said Chshmarityan. According to him, the company is expected to sell 100 million drams worth products in 2016.
This is mind the government on Thursday decided to award the company a 3-year VAT payment deferment.
The deferment was earlier awarded to companies which imported more than 300 million drams worth modern equipment or technology to expand their output and modernize production facilities. In 2014 April the government lowered the ceiling to 200 million drams.
ArmOil was founded in 2013 and deals with the import, wholesale and retail sale of petroleum, petroleum feedstock, lubricating oils, diesel fuel, bitumen, etc. It is the official representative of the Lubrex brand in Armenia and the CIS. Machine oil is brought from the UAE. ($ 1 - 480.46 drams). -- 0-
He said the company plans to build the refinery in the town of Yeghvard (Kotayk region). According to its investment program, the refinery will have a storage facility and a laboratory. The minister said about 102 million drams of the investment will be allocated for the purchase of related equipment.
"At the initial stage the company will build a storage facility for 4000 tons of oil products and then equip it with a laboratory, and in 2016 the company will build a small refinery," said Chshmarityan. According to him, the company is expected to sell 100 million drams worth products in 2016.
This is mind the government on Thursday decided to award the company a 3-year VAT payment deferment.
The deferment was earlier awarded to companies which imported more than 300 million drams worth modern equipment or technology to expand their output and modernize production facilities. In 2014 April the government lowered the ceiling to 200 million drams.
ArmOil was founded in 2013 and deals with the import, wholesale and retail sale of petroleum, petroleum feedstock, lubricating oils, diesel fuel, bitumen, etc. It is the official representative of the Lubrex brand in Armenia and the CIS. Machine oil is brought from the UAE. ($ 1 - 480.46 drams). -- 0-
