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Rosneft Company Negotiating With Armenian Government For Reactivatio

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  • Rosneft Company Negotiating With Armenian Government For Reactivatio

    ROSNEFT COMPANY NEGOTIATING WITH ARMENIAN GOVERNMENT FOR REACTIVATION OF NAIRIT PLANT

    http://www.arminfo.am/index.cfm?objectid=5267C4A0-B0CE-11E2-BCCFF6327207157C
    Monday, April 29, 17:10

    Rosneft Company, Russian, is currently negotiating with the Armenian
    Government for modernization and reactivation of Nairit Plant CJSC,
    the only producer of rubber in the CIS, Hrach Tadevosyan, Head of
    Nairit Plant Trade Union told several dozens of the plant's employees
    picketing the Government building on Monday.

    Tadevosyan said that he met with the deputy minister of energy and
    natural resources of Armenia Ara Simonyan and introduced the demands
    of the picketers. In particular, the employees of the plant demand
    their salaries for the last two months and information on the fate
    of the plant that has been idling for already 3 years. He said that
    Rosneft Company leadership had recently met with the president and
    prime minister of Armenia and, as he was told in the government,
    the Russian company is currently studying the situation on the plant,
    the mechanisms of supply of raw materials and sales, as well as the
    financial situation. Big investments are in question, Tadevosyan said.

    (It was reported earlier that the Russian petroleum company Rosneft
    and the Armenian Oil Techno CJSC signed an agreement on creation of
    a JV on April 4 in Yerevan).

    As regards the salaries, Tadevosyan said, the arrears for March will
    be repaid on Friday and those for April will be paid in May. The plant
    has been idling for three years. Arrears of wages for 11 months have
    been accumulated. The monthly salary fund is $1 million, Tadevosyan
    said. By data of the plant's press-service, the total debt of the
    company is nearly $120 million. These are mainly loan debts. Some
    employees of the plant say it is dangerous to reactivate the plant
    without prior technological modernization. The plant employs 2700
    people, with 1300 being on enforced leave. The average monthly salary
    at the plant is 157,000 drams.

    In 2006, 90% of the shares of "Nairit" were sold to British Consortium
    Rhinoville Property Limited for 40 million US dollars. Rhinoville
    Property Limited holds 89,999% shares in the plant, the Armenian
    Ministry for Energy and Natural Resources - 4.496%, and ArmRusgasprom -
    3.569%, Yerevan TPP - 1.907%. The fixed assets of the plant and the
    major shareholder Rhinoville Property Limited were put in pledge at
    Mezhgosbank, Russia, and were transferred to the bank after the company
    failed to redeem the loan. The loan in the amount of $70 million was
    provided in 2006 on security of the plant for a period of 5 years
    (till Dec 2011) at the annual interest rate of 12.5%.

    Earlier Russian media reported that in May, the Moscow Arbitration
    Court will hear Mezhgosbank's lawsuit against the owner of Nairit Plant
    CJSC, Rhinoville Property Limited, in the amount of $25.183 million.




    From: A. Papazian
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