AFTER FINANCIAL AND TECHNICAL AUDIT RUSSIAN COMPANY VTB CAPITAL GIVES UP
INTENTION TO PURCHASE PROMETEY-KHIMPROM

YEREVAN, OCTOBER 27, NOYAN TAPAN. VTB Capital company – a subsidiary
of VTB Bank (Russia) gave up its intention to purchase and relaunch
the Vanadzor chemical enterprise – Prometey-Khimprom company. Chairman
of VTB Bank Armenia Alexander Vardanov stated this at the October 27
press conference. In his words, VTB Capital took this decision after
receiving the results of the financial and technical audits done by
several Russian audit companies. It was noted that the operation of
Prometey-Khimprom was not discontinued due to the negotiations on the
deal which have been conducted since May 2006.