Thursday, February 20 2014

The four opposition parliamentary forces are still working at the document to express no confidence in the Government, however, they have not taken a common decision yet, Armen Rustamyan, Head of ARF Dashnaktsutyun parliamentary group, told journalists.    

He said that the given issue will not be raised during the forthcoming 4-day session of the Parliament, because "the time has not come yet". He failed to answer the question whether the issue will be raised at the following four-day session in a month.  

Rustamyan pointed out that at the Feb 25 meeting ARFD is going to raise the issue of creation of an interim parliamentary commission to investigate the situation around Nairit Plant. He added that the other opposition parliamentary groups fully support that initiative. 

Nairit Plant was one of the six world synthetic rubber manufacturers during the Soviet period. After the collapse of the USSR the Plant suspended its operation. Since Armenia gained independence, the Plant has changed its owners for several times, however, they failed to develop the production and the Plant’s debts grew in the course of time.      

It should be noted that dozens of employees of Nairit Plant, which has been idle since April 2010, regularly hold actions protest to demand their salaries payable.

By some data, Rosneft has expressed an intention to build a new rubber plant in Armenia instead of upgrading the current one. It is not ruled out that part of the Nairit specialists will be employed at the new plant.   

On 25 December 2013, Rosneft, L.L.C. PIRELLI Tyre Russia, and Rosneft Armenia signed a Memorandum of Understanding in Yerevan. The Memorandum envisages creation of a styrene-butadiene rubber (SBR) production joint venture in Armenia. 

The fixed assets of Nairit Plant and its principal shareholder Rhinoville Property Limited were transferred to Interbank as a result of non-redemption of a loan. The 70 mln USD loan was provided in 2006 against security of the Plant. The latter received the loan for 5 years, i.e. till late Dec 2011, at 12,5% p.a. The current debt of the Plant is over $130 mln.