ABOUT $200 MILLION IS NEEDED FOR MODERNIZATION OF ARMENIAN CHEMICAL PLANT “NAIRIT” – PRIME MINISTER

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Economy

14.10.2009, 00:52

Investment of about $200 million is needed for modernization of Armenian chemical plant, said Tigran Sargsyan, the Prime Minister of Armenia.

YEREVAN, October 13. /ARKA/. Investment of about $200 million is needed for modernization of Armenian chemical plant, said Tigran Sargsyan, the Prime Minister of Armenia.

“Nairit” is a fantastic enterprise. Thanks to the plant about 200 small enterprises are working in Armenia which serve the plant and we can produce everything needed in chemical sector”, said Sargsyan during the joint conference of RIA Novosti and Russian-Armenian (Slavyanski) University “Security in the South Caucasus – implementation of interests of the people in the region”.

“Nairit” changes the level of Armenian economy. It is the only plant in the world which produces rubber on acetylene and butadiene basis. “Moreover, in Scientific-Research Institute “Nairit” our intellectual potential is working”, said Sargsyan.

Despite the fact that the plant is currently working with losses and has financial problems, the authorities assist the plant, as with “Nairit” the economy is quite different.

“We think that in the next 10 years we could manage to modernize it and chemical industry will breathe”, he said. A similar plant is built in China by Armenian technology. “We are building this plant for already five years and this year it will operate. Our share in the capital will be 40% and Chinese - 60%.

“Nairit” was the only producer of chloroprene rubber in the USSR. In 1989 it was closed due to ecological reasons. The plant re-started its operations in 1992-1993.

In 2001 production capacities necessary for the production of chloroprene rubber were separated from “Nairit”. In 2006, 90% of the shares of “Nairit” were sold to British Consortium Rainoville Property Limited for 40 million US dollars. The 10% of shares belongs to the Government of Armenia. --0--

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