CREDITS OF GERMAN BANKS FOR $50 MLN WILL BE ATTRACTED FOR
MODERNIZATION OF FOIL-ROLLING PLANT ARMENAL IN ARMENIA
YEREVAN, AUGUST 16. ARMINFO. Credits of a group of German banks for
$50 mln will be attracted for modernization of the foil-rolling plant
Armenal in Armenia, Deputy Director General of Russian Aluminum JSC
Alexander Livshits told journalists in Yerevan today.
He said that the plant’s modernization program and the current
situation at it were presented to Armenian President Robert
Kocharyan. Livshits said that Rusal, the owner of Armenal, intends to
make the plant the best in Europe. “It is a good project, and it will
be a toy and not a plant,” he said. The largest banks in Germany
headed by “Baerishelandes bank” come out as creditors. The credit is
planned to be received against guarantee of the German State Insurance
Society Hermes. A principal agreement in connection with provision of
guarantees is expected already by the late August, he said. The total
cost of the investment program will total $70 mln. The remaining $20
mln will be invested by Rusal. Livshits said that the Russian company
has already invested $1.5 mln in elaboration of a feasibility study
and other works. The cost of the investment program rose in connection
with plans not only to produce foil, but also to establish
aluminum-rolling line. Thus, a closed loop enterprises will be
established, he explained. Livshits added that the general contractor
on modernization of the plant is a German company Achenbach. He
assured that the plant is planned to be activated in 2005, with the
6-9 micron aluminum foil produced by it to be highly in
demand. According to Livshits’s estimations, after the plant’s
modernization, some 1,000 people will be employed there, and the
production volumes will increase to 25,000 tons yearly. Last year, 9
thous. tons of foil were produced, in 2002- 5.5 thous. tons.