RUSSIAN BUSINESSMAN VOWS MILLIONS OF INVESTMENT IN NAIRIT PLANT

ArmenPress
June 15 2004

YEREVAN, JUNE 15, ARMENPRESS: Speaking to reporters after a meeting
with president Robert Kocharian, Andrey Ischuk, a member of the upper
chamber of the Russian Federation’s parliament and the president of
Russian Volgaburmash company, who has arrived in Armenia to accomplish
the preparatory work for the purchase of the controlling stake of the
Yerevan-based Nairit plant, said after formalizing the takeover deal
on June 30, the company will get down to putting into operation the
first conveyer of the plant that is expected to take 3-4 months. Its
production capacity is around 250,000 tons of synthetic rubber
per annum.

Ischuk said the company will conduct an aggressive marketing policy
in a bid to restore the plant’s former ties in the CIS member
countries. He said weighty investments will be made in packaging the
finished product to give it “modern appearance.”

He refused to disclose the approximate amount of the promised
investments, saying the investment plan will be unveiled immediately
after signing the takeover deal, adding though that the cash-strapped
plant may see millions of dollars to gibe it a strong boost. Ischuk
said part of the plant’s debts will be restructured, the other part
may be paid off.