Tweet
ITAR-TASS News Agency
TASS
June 7, 2005 Tuesday 4:17 PM Eastern Time
China in talks over acquisition of Armenian synthetic rubber plant
By Tigran Liloyan
YEREVAN
China is planning to acquire a stake in the Yerevan-based Nairit
chemical plant to set up a joint venture and produce synthetic
rubber, Armenia's Finance and Economics Minister Vartan Khachatryan
said.
China is presently conducting talks with the country's Energy
Ministry, the holder of the Nairit stock. Until recently the plant's
official name was Nairit-1.
The setting up of the joint venture aims to boost the production and
sales of Armenian rubber. The size of the stake negotiated by China
as well as the name of the state-owned Chinese company will be
announced after completion of the talks, Khachatryan said.
Nairit, established in 1936, is a unique enterprise in the entire
post-Soviet space which produces chloroprene rubbers. This chemical
giant was the only Soviet supplier of synthetic rubbers and polymeric
latex adhesives - important strategic materials used in the aviation
industry, shoe-making, etc.
In 2001, the enterprise split into Nairit-1 and Nairit-2. The former
repeatedly changed hands. Russia's Volgaburmash took it over last
year. However, all the transactions failed to pull the company out of
the crisis. It is Nairit-1 that is the subject of talks with the
Chinese at present.
Meanwhile, the Nairit-2 equipment is now being dismantled and taken
to the Chinese province of Shaanxi, where an Armenian-Chinese joint
venture ChinArmenpren will be set up to produce rubber using Armenian
technologies.
It will begin operation next year, Nairit-2 director Albert Sukiasyan
said.
From: Emil Lazarian | Ararat NewsPress
TASS
June 7, 2005 Tuesday 4:17 PM Eastern Time
China in talks over acquisition of Armenian synthetic rubber plant
By Tigran Liloyan
YEREVAN
China is planning to acquire a stake in the Yerevan-based Nairit
chemical plant to set up a joint venture and produce synthetic
rubber, Armenia's Finance and Economics Minister Vartan Khachatryan
said.
China is presently conducting talks with the country's Energy
Ministry, the holder of the Nairit stock. Until recently the plant's
official name was Nairit-1.
The setting up of the joint venture aims to boost the production and
sales of Armenian rubber. The size of the stake negotiated by China
as well as the name of the state-owned Chinese company will be
announced after completion of the talks, Khachatryan said.
Nairit, established in 1936, is a unique enterprise in the entire
post-Soviet space which produces chloroprene rubbers. This chemical
giant was the only Soviet supplier of synthetic rubbers and polymeric
latex adhesives - important strategic materials used in the aviation
industry, shoe-making, etc.
In 2001, the enterprise split into Nairit-1 and Nairit-2. The former
repeatedly changed hands. Russia's Volgaburmash took it over last
year. However, all the transactions failed to pull the company out of
the crisis. It is Nairit-1 that is the subject of talks with the
Chinese at present.
Meanwhile, the Nairit-2 equipment is now being dismantled and taken
to the Chinese province of Shaanxi, where an Armenian-Chinese joint
venture ChinArmenpren will be set up to produce rubber using Armenian
technologies.
It will begin operation next year, Nairit-2 director Albert Sukiasyan
said.
From: Emil Lazarian | Ararat NewsPress