Menu
Latest
Menu
Latest
ARMENIA-ENERGY

ARMENIA-ENERGY

4 August 2011

In the middle of August 2011 the German C.A.C. (Chemieanlagenbau Chemnitz GmbH) company will submit to the Armenian party the programme on management of "Nairit Plant" CJSC, the only producer of chroloprene rubber in the CIS, press-secretary of Armenian Energy and Natural Resources Ministry, Lusine Harutyunyan, told Arminfo correspondent.

She also added that at the end of July representatives of C.A.C.  visited Armenia and met the leadership of the Ministry as well as "Nairit Plant" CJSC. They promised to submit the management and rehabilitation programme of the plant to the Armenian party in two weeks.

As it was earlier informed, Nairit's shareholders and creditor, the CIS InterStateBank, have drafted an anti-crisis program worth $500mln with $100mln to be spent on the repayment of debts to InterStateBank and $400mln - on development. $400mln will be borrowed from EurAsEC Anti-Crisis Fund while the rest will be invested by the managing company. The assets of the plant and its major shareholder, Rhinoville Property, have been given to InterStateBank as security against its loan.

Nairit has been idle since Apr 2010. Its full capacity is 9,000-10,000 tons of acetylene rubber and 25,000-26,000 tons of butadiene rubber. The development program stipulates the restart of the chloroprene rubber production. As a result, the plant will produce 25,000-30,000 tons of rubber a year or 6-8% of the world production against 10-12% in the late 1980s.

Rhinoville Property Limited owns 89.999% of Nairit Plant's shares, the Ministry of Energy and Natural Resources of Armenia - 4.496%, Armgasprom CJSC - 3.596%, Yerevan Thermal Power Plant CJSC - 1.907%.  In 2010 the plant's loss totalled 24.6bln AMD against 20.3bln AMD in 2009. The authorized capital totalled 27.307bln AMD, own capital and liabilities - 84.552bln AMD against 93.633bln AMD in 2009.

Related articles

Editor's choice
News
Israel recognises Somaliland, opening a pandora's box in Africa
Trending

Israel recognises Somaliland, opening a pandora's box in Africa

27 December 2025
Israel ‍has recognized Somaliland as an "independent and sovereign state," Israeli Prime Minister Benjamin Netanyahu said on Friday. "Together with Foreign Minister Sa'ar and the President of the Republic of Somaliland, we signed a joint and mutual declaration," Netanyahu posted to X. "This declaration is in the spirit of the Abraham Accords signed at the initiative of President Trump," he said. In doing so, Israel became the first country to recognize the breakaway region. Somalia's Foreign Ministry denounced Israel's "deliberate attack" on its sovereignty and warned that recognizing Somaliland as an independent state would "undermine regional peace." "Illegitimate actions of this nature seriously undermine regional peace and stability, exacerbate political and security tensions," the ministry said in a statement. Egyptian Foreign Minister Badr Abdelatty said he held phone calls with his counterparts from Somalia, Turkey and Djibouti to discuss what they described as dangerous developments in the Horn of Africa, following Israel's announcement The ministers condemned Israel’s recognition of Somaliland, reaffirmed their full support for Somalia’s unity and territorial integrity, and warned that recognizing breakaway regions poses a threat to international peace and security, Egypt's Foreign Ministry said. "This initiative by Israel, which aligns with its expansionist policy and its efforts to do everything to prevent the recognition of a Palestinian state, constitutes overt interference in Somalia's domestic affairs," the Turkish Foreign Ministry said in a statement.  The African Union (AU) joined the condemnations of Israel's recognition of Somaliland.  "Any attempt to undermine the unity, sovereignty, and territorial integrity of Somalia... risks setting a dangerous precedent with far-reaching implications for peace and stability across the continent," an AU statement read. Israel said that it has now established diplomatic relations with Somaliland, and the two will soon set up embassies. commonspace.eu political editor said in a comment that by recognising Somaliland Israel has opened Africa's pandora's box. "The borders of most African countries were drawn in colonial times, and in the post-colonial period of the last seventy years, these borders have been considered sacrosanct. The two exceptions are also to be found in the Horn of Africa, where Eritrea broke away from Ethiopia and South Sudan broke away from Sudan." (click the image to read the full article).

Popular

Editor's choice
News
Israel recognises Somaliland, opening a pandora's box in Africa
Trending

Israel recognises Somaliland, opening a pandora's box in Africa

27 December 2025
Israel ‍has recognized Somaliland as an "independent and sovereign state," Israeli Prime Minister Benjamin Netanyahu said on Friday. "Together with Foreign Minister Sa'ar and the President of the Republic of Somaliland, we signed a joint and mutual declaration," Netanyahu posted to X. "This declaration is in the spirit of the Abraham Accords signed at the initiative of President Trump," he said. In doing so, Israel became the first country to recognize the breakaway region. Somalia's Foreign Ministry denounced Israel's "deliberate attack" on its sovereignty and warned that recognizing Somaliland as an independent state would "undermine regional peace." "Illegitimate actions of this nature seriously undermine regional peace and stability, exacerbate political and security tensions," the ministry said in a statement. Egyptian Foreign Minister Badr Abdelatty said he held phone calls with his counterparts from Somalia, Turkey and Djibouti to discuss what they described as dangerous developments in the Horn of Africa, following Israel's announcement The ministers condemned Israel’s recognition of Somaliland, reaffirmed their full support for Somalia’s unity and territorial integrity, and warned that recognizing breakaway regions poses a threat to international peace and security, Egypt's Foreign Ministry said. "This initiative by Israel, which aligns with its expansionist policy and its efforts to do everything to prevent the recognition of a Palestinian state, constitutes overt interference in Somalia's domestic affairs," the Turkish Foreign Ministry said in a statement.  The African Union (AU) joined the condemnations of Israel's recognition of Somaliland.  "Any attempt to undermine the unity, sovereignty, and territorial integrity of Somalia... risks setting a dangerous precedent with far-reaching implications for peace and stability across the continent," an AU statement read. Israel said that it has now established diplomatic relations with Somaliland, and the two will soon set up embassies. commonspace.eu political editor said in a comment that by recognising Somaliland Israel has opened Africa's pandora's box. "The borders of most African countries were drawn in colonial times, and in the post-colonial period of the last seventy years, these borders have been considered sacrosanct. The two exceptions are also to be found in the Horn of Africa, where Eritrea broke away from Ethiopia and South Sudan broke away from Sudan." (click the image to read the full article).