Armenian president welcomes Russian purchase of ailing plant

ITAR-TASS News Agency
June 15, 2004 Tuesday

YEREVAN, June 16 — Armenian President Robert Kocharyan welcomed the
purchase by a Russian company of a controlling stake in the domestic
synthetic rubber plant that faces a financial plight.

Board chairman of the Volgaburmash machine-building enterprise Andrei
Ischuk told Kocharyan Tuesday his company is completing a deal to buy
a controlling interest in the Yerevan-based Nairit chemical enterprise
that produces synthetic rubber.

Kocharyan expressed hope Volgaburmash will be a stable and reliable
partner for Armenia.

Founded in 1936 Nairit faced financial problems and had to periodically
stop production in the past 10-12 years, according to plant director
Sergei Muradyan.

Ischuk said Nairit has all the grounds for profitable production. An
investment program worth several dozen million dollars and a
rehabilitation business plan have already been designed.