GLOBAL CRISIS RESULTS IN SUSPENSION OF PRODUCTION AT VANADZOR CHEMICAL COMPLEX

ArmInfo
2008-11-04 16:35:00

ArmInfo. The global economical crisis has resulted in suspension of
production at the Vanadzor chemical complex since November 1, 2008,
Director General of the enterprise Alexander Snegirev told ArmInfo
correspondent, Tuesday.

According to him, due to the lack of demand the base production of
synthetic corunds of jewelry designation, which were delivered to
Thailand, has been suspended. "It’s time to make a pause and think of
a new strategy of the enterprise’s development", the director general
said. He noted that starting from November 20 it is envisaged to
produce more perspective and demanded corunds – leucosapphires. These
are so-called blue diodes which are used in electronic engineering,
particularly, in production of advertising panels, screens and
other products. Their market is rapidly growing. It was envisaged to
obtain the raw materials for their production on the spot, however,
it eventually was decided to import the raw materials, Snegirev said.

Meanwhile, in Jan-Sep 2008 a total of 6284 kg of synthetical corunds
were produced at the Vanadzor chemical complex, this index being 2.8
times as much as in the similar period of the previous year. Snegirev
pointed out that the enterprise was launched on May 9, 2007 after
the Russian company Roding International Limited had bough 100% of
shares from the former owner, Russian entrepreneur Senik Gevorgyan. The
enterprise also started producing 1-1.2 thsd tons of carbide per month
which had been exported to India and Saudi Arabia until quire recently.

To recall, in May 1999, 100% of the Vanadzor chemical plant’s shares
were sold to OJSC Zakneftegazstroy Prometey owned by Senik Gevorgyan,
however, the enterprise was not launched on the stable basis. In May
2007 the plant’s shares were bought by Roding International Limited
for $25 mln.

From: Emil Lazarian | Ararat NewsPress