by Arthur Yernjakyan
Dozens of employees of Nairit Plant, which has been idle since April 2010, have made their way to the Armenian President's Palace to demand their salaries payable.
Earlier on Wednesday, they met with Armenian Minister of Energy and Natural Resources Armen Movsisyan, who promised to pay them 1 month's salary payable and this caused the Nairit employees' indignation. The minister added that the Plant's destiny will shortly be decided due to Rosneft's efforts.
According to ArmInfo's information, Rosneft has expressed an intention to build a new rubber plant instead of upgrading the current plant and repaying its debts. 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.