ABOUT $200 MILLION IS NEEDED FOR MODERNIZATION OF ARMENIAN CHEMICAL PLANT "NAIRIT" – PRIME MINISTER

ARKA
October 13, 2009
Yerevan

YEREVAN, October 13. /ARKA/. Investment of about $200 million is needed
for modernization of Armenian chemical plant, said Tigran Sargsyan,
the Prime Minister of Armenia.

"Nairit" is a fantastic enterprise. Thanks to the plant about 200 small
enterprises are working in Armenia which serve the plant and we can
produce everything needed in chemical sector", said Sargsyan during
the joint conference of RIA Novosti and Russian-Armenian (Slavyanski)
University "Security in the South Caucasus – implementation of
interests of the people in the region".

"Nairit" changes the level of Armenian economy. It is the only plant
in the world which produces rubber on acetylene and butadiene basis.

"Moreover, in Scientific-Research Institute "Nairit" our intellectual
potential is working", said Sargsyan.

Despite the fact that the plant is currently working with losses and
has financial problems, the authorities assist the plant, as with
"Nairit" the economy is quite different.

"We think that in the next 10 years we could manage to modernize
it and chemical industry will breathe", he said. A similar plant is
built in China by Armenian technology. "We are building this plant
for already five years and this year it will operat e. Our share in
the capital will be 40% and Chinese – 60%.

"Nairit" was the only producer of chloroprene rubber in the USSR. In
1989 it was closed due to ecological reasons. The plant re-started
its operations in 1992-1993.

In 2001 production capacities necessary for the production of
chloroprene rubber were separated from "Nairit". In 2006, 90% of the
shares of "Nairit" were sold to British Consortium Rainoville Property
Limited for 40 million US dollars. The 10% of shares belongs to the
Government of Armenia.

From: Emil Lazarian | Ararat NewsPress