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IS NAIRIT SOLD TO RUSSIA?
Story from Lragir.am News:
http://www.lragir.am/engsrc/economy22177.html
Published: 14:51:20 - 10/06/2011
The employees of Nairit Chemical Plant, who protested in front of
the office of the president today, were promised that their salaries
for 4 months will be paid within the upcoming 15 days. But more
importantly it was promised to them to re-operate the plant, which
has been standing idle for a long time.
This means that the government has decided to direct the loan pledged
by EurAsEC at the modernization of Nairit. The Eurasian Economic
Community (EurAsEC) fund, which is backed by Russia, has decided to
allot 400 million to Armenia. There is an opinion that the Russians
want to get the plant.
Last year 90% of shares were sold to the British Consortium Rainsville
Property Limited for 40 million, the other 10% is owned by the
government of Armenia. It is not known whether Armenian officials
are shareholders at the British Consortium, but even if they are,
the Armenian government must first denationalize the plant to go on
to boost the public debt through its modernization.
The Minister of Energy and Natural Resources Armen Movsisyan noted
that the plant cannot produce competitive products due to expensive
gas. Production of chloroprene rubber was discontinued during the
global economic crisis. In 2010, an anti-crisis program was developed
which aims to seek an international operator who will be able to
implement it. The Minister noted that June 15 will be one month since
the publication of the proposal, and soon investors will be known.
The Minister of Economy Tigran Davtyan said in his February 15 press
conference that governmental guarantees are necessary to obtain funds
needed to modernize the largest industrial enterprise in Armenia
while the government is not ready to give them. Apparently, now the
government is ready.
By the way, yesterday an agreement was signed in Minsk on the allotment
of a loan to Belarus by EurAsEC in exchange for privatization of
assets. In June, negotiations on the sale of shares held by the
Belarusian State Beltransgaz to Gazprom are expected to end. In
addition, Russia intends to privatize VTB, Sberbank, Sovcomflot,
Rosneft and other companies in Belarus.
Story from Lragir.am News:
http://www.lragir.am/engsrc/economy22177.html
Published: 14:51:20 - 10/06/2011
The employees of Nairit Chemical Plant, who protested in front of
the office of the president today, were promised that their salaries
for 4 months will be paid within the upcoming 15 days. But more
importantly it was promised to them to re-operate the plant, which
has been standing idle for a long time.
This means that the government has decided to direct the loan pledged
by EurAsEC at the modernization of Nairit. The Eurasian Economic
Community (EurAsEC) fund, which is backed by Russia, has decided to
allot 400 million to Armenia. There is an opinion that the Russians
want to get the plant.
Last year 90% of shares were sold to the British Consortium Rainsville
Property Limited for 40 million, the other 10% is owned by the
government of Armenia. It is not known whether Armenian officials
are shareholders at the British Consortium, but even if they are,
the Armenian government must first denationalize the plant to go on
to boost the public debt through its modernization.
The Minister of Energy and Natural Resources Armen Movsisyan noted
that the plant cannot produce competitive products due to expensive
gas. Production of chloroprene rubber was discontinued during the
global economic crisis. In 2010, an anti-crisis program was developed
which aims to seek an international operator who will be able to
implement it. The Minister noted that June 15 will be one month since
the publication of the proposal, and soon investors will be known.
The Minister of Economy Tigran Davtyan said in his February 15 press
conference that governmental guarantees are necessary to obtain funds
needed to modernize the largest industrial enterprise in Armenia
while the government is not ready to give them. Apparently, now the
government is ready.
By the way, yesterday an agreement was signed in Minsk on the allotment
of a loan to Belarus by EurAsEC in exchange for privatization of
assets. In June, negotiations on the sale of shares held by the
Belarusian State Beltransgaz to Gazprom are expected to end. In
addition, Russia intends to privatize VTB, Sberbank, Sovcomflot,
Rosneft and other companies in Belarus.