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Energy Minister: Jacobs Company will redeem Nairit Plant's debts
ARMINFO
Saturday, February 16, 17:31
Jacobs Company has approved the project of Nairit Plant CJSC's
reactivation and has agreed to redeem the plant's depts., Minister of
Energy and Natural Resources of Armenia Armen Movsisyan told media, on
February 16.
He did not specify when the plant's debts will be redeemed, but said
that the negotiations "have reached the stage of summary." To recall,
the current arrears of wages of the country's chemical giant has
approached 49 million over the last 9 months. The monthly salary costs
of the plant average $1 million (2,700 employees), the company's
press-service told ArmInfo.
The plant specializing in production of synthetic rubber has been idle
since April 2010. About 800 employees regularly work in shifts to keep
the enterprise in working condition and to prevent a technological
disaster. The rest of the employees are put on enforced leave. In
January the leadership of the company promised the employees to give
them salaries for two months, but did not give a single dram.
To remind, during the latest protest action on 26 Nov 2012 the
leadership of the Plant's trade union promised Armenian Minister of
Energy and Natural Resources Armen Movsisyan that the issue of re-
launch of Nairit Plant will become certain by the end of 2012.
The Armenian press disseminated rumors that Leader of the Prosperous
Armenia Party, oligarch Gagik Tsarukyan was allegedly going to buy the
enterprise. Itera company (Russia) was also mentioned among the
potential buyers of the plant. Moreover, Itera and Armenian
Government discussed possible committing of Nairit Plant to trust of
Itera, however, there is no progress in this issue. In response to
ArmInfo's request in Nov 2012, the company said that the interest in
Nairit still remained. In 2006, 90% of the shares of "Nairit" were
sold to British Consortium Rainoville 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 and were transferred to the
bank after the company failed to repay the loan. The loan in the
amount of $70 million and a 5-year maturity was provided in 2006 on
security of the plant's shares at the annual interest of 12.5%.
ARMINFO
Saturday, February 16, 17:31
Jacobs Company has approved the project of Nairit Plant CJSC's
reactivation and has agreed to redeem the plant's depts., Minister of
Energy and Natural Resources of Armenia Armen Movsisyan told media, on
February 16.
He did not specify when the plant's debts will be redeemed, but said
that the negotiations "have reached the stage of summary." To recall,
the current arrears of wages of the country's chemical giant has
approached 49 million over the last 9 months. The monthly salary costs
of the plant average $1 million (2,700 employees), the company's
press-service told ArmInfo.
The plant specializing in production of synthetic rubber has been idle
since April 2010. About 800 employees regularly work in shifts to keep
the enterprise in working condition and to prevent a technological
disaster. The rest of the employees are put on enforced leave. In
January the leadership of the company promised the employees to give
them salaries for two months, but did not give a single dram.
To remind, during the latest protest action on 26 Nov 2012 the
leadership of the Plant's trade union promised Armenian Minister of
Energy and Natural Resources Armen Movsisyan that the issue of re-
launch of Nairit Plant will become certain by the end of 2012.
The Armenian press disseminated rumors that Leader of the Prosperous
Armenia Party, oligarch Gagik Tsarukyan was allegedly going to buy the
enterprise. Itera company (Russia) was also mentioned among the
potential buyers of the plant. Moreover, Itera and Armenian
Government discussed possible committing of Nairit Plant to trust of
Itera, however, there is no progress in this issue. In response to
ArmInfo's request in Nov 2012, the company said that the interest in
Nairit still remained. In 2006, 90% of the shares of "Nairit" were
sold to British Consortium Rainoville 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 and were transferred to the
bank after the company failed to repay the loan. The loan in the
amount of $70 million and a 5-year maturity was provided in 2006 on
security of the plant's shares at the annual interest of 12.5%.