ARMENIAN-RUSSIAN BITUMEN-PRODUCING COMPANY TO START OPERATING IN 1ST HALF OF 2009

ARKA
Dec 11, 2008

YEREVAN, December 11. /ARKA/. Joint Armenian-Russian company producing
paving and build bitumen is to start its full-scale operation in the
first half of 2009, Russian trade representative in Armenia Alexander
Zaytsev said.

It is an advanced and promising enterprise with technologies that
are hardly seen even in Russia, he said at "Novosti" International
Press Center. No doubt, this project will be profitable, Zaytsev added.

Earlier, President of "MIKA Limited" company Mikhail Baghdasarov said
that investments in "Abit" ("Armenian Bitumen") factory near Surenavan
(Ararat region of Armenia) total about $20mln. The total share of the
Russian stockholders (three companies) is 55% with the remaining 45%
belonging to "MIKA Limited" corporation.

"Abit" is to produce air-refined asphalt, paving and build bitumen;
the raw material – mazout – is to be imported from Russia, Iran
and Georgia.

A total of $3-5mln of investments to be made in the factory the near
future are expected to pay during 3-7 years depending on prices for
the products and the market situation.

From: Emil Lazarian | Ararat NewsPress