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Vanadzor Chemical Plant waiting for new investor

  • by Marianna Mkrtchyan

  • Wednesday, September 3, 13:10

Idling Vanadzor Chemical Industry CJSC is negotiating with a new investor for reactivation of the plant, Alexander Snegirev, Director General of the Company, told ArmInfo.


He said that plant is idling for debts exceeding 4 bln drams. He said these are debts for energy resources, to suppliers and arrears of wages. The plant has 160 million arrears of wages, Snegirev said.  "At present, we are negotiating with the investor for the funds to pay arrears of wages and reactivate the plant," he said.


The plant has never worked consistently and regularly accumulated debts. The company's staff has been repeatedly rallying demanding their wages lately. The last time, the workers held a protest action in early August, when Prime Minister Hovik Abrahamyan visited the plant. The prime minister said the plant is a private property and the issue of wages is not within his competence. However, he promised, at least, a month-salary to the workers. Quite recently, the workers received salary for a month.  It is noteworthy that the prime minister could not name the owner of the company to reporters.  So, it is not clear where the funds were taken from to pay a month-salary to the workers. A question arises as to whether the salary was paid from the state budget and why the government redeems the debts of a private company. 


According to local media outlets, negotiations are held with a British company for investments in Vanadzor Chemical Plant. Later, there were reports on a Georgian investor. However, neither the new nor the current shareholders of the plant are named.


It was reported earlier that in 2007, the shares of the Vanadzor Chemical Plant were purchased for $25 million by Roding International Limited, Russia. Recently, some media reported that the company's shares belong to a certain Galiana Kozlova.

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