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.
ARMENIA-ENERGY
ARMENIA-ENERGY
