Newsfeed

VTB Bank (Armenia) consumers may now get standing orders for paying for Beeline services

Anelik Bank presents a new credit product - Simple-Fast Extra

Alexander Manasyan: In big-league politics Erdogan's anti-Armenian statements are a trifle

Expert: Increase in water release from Lake Sevan endangers the lake ecosystem

Politician: Perhaps great powers have promised Armenia to pressure Turkey into opening Armenian-Turkish border

Armenian general suggests delivering a series of preventive surgical strikes at Azeri army's combat positions

General: Even Turkish instructors admit low combat effectiveness of Azeri army

Mika Stadium placed on auction

Resident of Artashat wounded in shooting

Armenian Foreign Minister to attend Erdogan's swearing-in ceremony

VTB Bank (Armenia) offers a new installment credit with 1% discount

Beeline provides its subscribers with free access to its website

ACBA-Credit Agricole Bank announces a CASHBACK QUEST contest for AmExR Cashback cardholders

Ameriabank launches AmeriaToken - innovative application for smartphones of customers using online services

Employees of Areximbank-Gazprombank Group join international Ice Bucket flashmob

Armenian Presidnet: Not everybody is glad that Armenia is joining the Customs Union

Armenian FM may attend inauguration of Turkish President

Armenian President is comfortable with activities of parliamentary opposition

Vice Speaker of Armenian Parliament: Mass violence applied against Yazidis in Iraq is unacceptable

Georgian Military road completely cleared

President of Armenia: Baku organizes provocations at the highest level

Aram Manukyan: Armenian authorities pushed the idea of independent and free Armenia to the sidelines

Coordination Center of Armenian Associations of Sweden demand Azerbaijan to repatriate Karen Petrosyan's body

Areximbank-Gazprombank Group provides nonchip Visa Gold and MasterCard Gold cards

Shavarsh Kocharyan: Murder of Karen Petrosyan has many similarities with the cruel murder of American journalist in Syria

Ivan Kuhta: Difference of our political orientation will not affect Ukrainian-Armenian relations

Armenian President: Armenian-Georgian relations are on all-time high level

Special offer for Orange Internet subscribers

Exclusive

Ivan Kuhta: Difference of our political orientation will not affect Ukrainian-Armenian relations

Zardusht Alizadeh: Arriving in Sochi, Aliyev and Sargsyan once again demonstrated the world that Russia is still the demiurge in the Caucasus

Masis Mailyan: Unlike Azerbaijan, global centers of force are not interested in growing tensions in Nagorno-Karabakh conflict zone

Sergey Grinyayev:The West’s sanctions are extremely positive for the Eurasian Union project

Alexey Kolomiyets: West's sanction will hardly sober Putin and the Kremlin

Hrant Bagratyan: Sanctions will have tangible impact on Armenia

Georgi Kolarov: The second Nagorno-Karabakh war is inevitable

Artashes Shaboyan: Reduction in consumer demand has a negative effect on supermarkets

Tigran Davtyan: If you have a telephone with you, it means that you have a wallet with you too

Shmuel Meirom: Israel is willing to contribute of its experience in the field of economy, but it cannot force Israeli business to invest in Armenia

Marine Karapetyan: Ameriabank on large business: problems and solutions

Eduard Sharmazanov: The opposition camp has no leader to steer the people

Alexander Zinker: Readiness of the Kremlin to protect its “Big Russian world” is dangerous for Russia itself

Vahe Davtyan: lternative power engineering should be developed regardless of fluctuations in electric power tariffs

Alexander Krylov: Taking into consideration the experience of the EU, Russia has to refuse maximal extension of the Eurasian Economic Union

Armenia is ready to discuss various scenarios of Nairit Plant development strategy

  • by Alexandr Avanesov

  • Wednesday, March 26, 16:27

Nairit Plant CJSC has been operating at a loss since the day of its foundation in 2001, the press service of Nairit Plant reports when responding to the criticism made during the ARFD's hearings on the situation at the Plant. 

To note, during the hearings the former head of the Plant, Karen Israelyan, said that as of 1 Jan 2009 Nairit's owner Rhinoville Property Limited should have invested about 60 mln USD. Otherwise, it was to be deprived of the Plant. "The company failed to perform its obligations and the Government was aware of that and could have taken the company's shares and in that case the Government could have become the sole owner of the Plant again. Nairit's debt reached 300 mln USD due to the offshore company", he said. As regards the further fate of Nairit, Israelyan assured that even in the current condition the Plant can operate and overcome all the difficulties if the Government displays a desire and will. "The people are eager to work. The equipment is in good condition. The Plant can be re- launched", he said. According to Israelyan's estimations, today the Plant needs 20 mln USD to be restored. As regards the possibilities to sell the Plant's products, the ex-head of the Plant is sure that it will take Nairit only a few months to gain a foothold in the market again. 

In the meantime, the employees of the Plant consider that Nairit operated at a loss even when Israelyan was the director (2006-2007). Moreover, the prime cost of the products was higher than the sales. The company is ready to discuss various scenarios of the further development strategy with the investors interested in production of rubber and related goods. The company qualifies Israelyan's statements as "a cheap show".  

To recall, on 12 March 2014 the Arbitration Court of Moscow  sustained Interstate Bank's claim on recovery of a $25,183 million debt from Nairit Plant, a chemical giant in Armenia. The defendant, Nairit Plant, is a credit bondsman. The credit was given to the plant's owner, Rhinoville Property Limited. As a result of the accumulated debt, Nairit was damaged in an amount of $220-240 million, and its debt for salary amounted to $12 million. 
Russia's largest oil company Rosneft has been actively interested in the Nairit plant. On 23 December 2013  Rosneft, L.L.C. PIRELLI Tyre Russia, and Oil

Techno signed a Memorandum of Understanding with regard to establishing styrene-butadiene rubber (SBR) production joint venture in Armenia. The total cost of the project is $500 million. Rosneft said the implementation of this project will help introduce new technologies in Armenia and create a modern production facility of state-of-the-art eco-friendly materials - SBR is employed in the production of "Green tires", which improves fuel economy performance and also tire grip in wet and dry conditions.

Under the terms of the Memorandum Rosneft intends to be a leading investor and equity holder in Yerevan's Nairit plant and Pirelli will cooperate jointly with Rosneft in research and development activities to develop SBR and is interested in entering into a long-term off-take agreement to purchase the SBR produced.
Nairit enterprise was the monopoly manufacturer of chloroprene rubbers in the USSR. In 2006, 90% of Nairit's shares were sold to Rhinoville Property Limited for $40 million, while the remaining 10% belong to the Armenian government. The plant has not operated since April 2010.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields