by Hovhannes Kazaryan
Chairman of the Republican Union of Employers of Armenia, Gagik Makaryan, said at today's press-conference that the project of "Rosneft" on reconstruction of the Yerevan "Nairit" plant is rather realistic.
He said that the project which costs about $500 million will positively affect the economy of Armenia. It will also settle the employment problem and lead to the growth of the budget revenues. He also added that in the course of fulfillment the project should be transparent.
On 23 December during Sechin's visit to Armenia, 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. 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.