German “Chenbach” Company To Participate In Modernization Of “Armenal”

YEREVAN, October 11 (Noyan Tapan). The “Rusal” company, the owner of
“Armenal”, signed the agreement on the implementation of the program
of the modernization of the complex with the Germany “Achenbach”
company on October 8. Alexander Livshits, Deputy Director General of
“Rusal”, mentioned that according to the program it is expected that
the equipment for aluminum rolling will be completely modernized
and they will pass to closed production cycle. 6-9 microns thick
aluminum foil, which is in good demand on the market, will be produced
after the modernization of the enterprise. At the same time, it
was mentioned that the implementation of the program will give an
opportunity to reach the annual volume of the production of thin
foil till 18 thousand tons and the production of domestic foil till
7,000 tons. It is expected that the first pilot batch of 150,000
tons of production will be released in late 2005. The total amount
of the program will make 70 mln dollars, 25 mln dollars of them
are the own means of the “Rusal” company, and 45 mln dollars will
be attracted at the expense of credits. During the modernization
“Achenbach” will perform sub-contractor orders of 100 mln dollars
at the Armenian enterprises. According to A. Livshits, by the way,
the fact of the closing of the Russian-Georgian border will have no
impact on the investment attractiveness of Armenia, and his presence
in Armenia is the evidence of it.