NAIRIT’S OWNER TO INVEST 120 MILLION DOLLARS

YEREVAN, DECEMBER 22, NOYAN TAPAN. The company Rhinoville Property
Limited – owner of the Nairit Plant assumed the obligation to invest
120 million USD in the next 5 years. The RA Minister of Energy Armen
Movsisian told reporters on December 22 that the company will return
the shares in the amount of not made investments to the Armenian
government. To recap, 90% of Nairit’s shares was sold for 45 million
USD, while 10% is the RA government’s share.

According to A. Movsisian, considerable part of the indicated sum
has already been paid. A. Movsisian said that the plant produces
1,000 tons of rubber a month, 200 tons of which are consumed on
the Russian market, and the rest – in the US and Europe. After the
investments, it is envisaged to increase the annual production to 50
thousand tons. Rhinoville Property Limited was founded with the aim
of acquiring Nairit by the US, German and Polish companies.