Thursday, March 22 2018 17:10

ArmInfo. In two or three months,  the refinery in the Armenian city of Yeghvard will become a reality.  "In comparison with the initial business plan, the area of the  refinery has been increased, as well as the production scale," Armoft  Director General Alfred Abedi told ArmInfo. The Armenian government  approved a supplementary investment program of the company Armoil at  the meeting on March 22.

According to the Minister of Economic Development and Investments of  the Republic of Armenia Suren Karayan, it is proposed to amend the  resolution of the Cabinet of Ministers of December 24, 2015 on  exemption of the company from VAT payments for imported equipment for  three years. In particular, the company plans to import 31 equipment  items worth 523 million AMD.

As the minister has pointed out, the investments of Armoil company  into the project of construction of the oil refinery in the Armenian  Yeghvard make up about 16.8 billion drams. Within the investment  program, 150 new jobs will be created with an average monthly salary  of 250 thousand AMD.

In March 2016, in an interview with ArmInfo, the Director General of  Armoil, Alfred Abedi, noted that the main goal of the company is the  production of oil products labeled "Made in Armenia". The investment  package was supposed to be initially implemented in three stages, the  total volume of investments - $ 35 million.

The first stage of the project involves the construction of an oil  refinery in Yeghvard, which will be equipped with German, Italian and  Iranian equipment. According to the business plan, the production  capacity of the enterprise for the first time will amount to 15  thousand tons of engine oil and 6 thousand tons of tar per year. In  the future, the plant will also have the opportunity to process used  engine oil and use it as raw materials, which in turn will help  maintain the cleanliness of the environment and ecology. The plant  will have a unique specialized laboratory in the region, equipped  with modern facilities for testing and research of products to meet  its international standards.

The company intends only to sell on the domestic market to produce  100 million drams. The plant, whose area is 5 thousand square meters.  m. with further expansion to 15 thousand square meters, will also  have underground and land bases, which are necessary for storing 4  thousand tons of diesel fuel, 2 tons. bitumen, and 2-3 thousand tons  of raw materials for the production of various oils, as well as 20  thousand tons of finished products. On-site office premises are being  built, and the rest - bases, hangars, and laboratories are imported  in the form of finished structures, and mounted on site. To implement  the first stage of the program (it was planned to be completed in  August 2016), about $ 15 million will be invested. The whole program  was planned to be completed within three years.

"Armoil" is engaged in the import and sale of petroleum products,  petroleum raw materials, engine oils, diesel fuel, bitumen, etc. The  company was founded in 2013 by founders with more than 20 years of  experience in this field (on the oil market in the UAE, the Islamic  Republic of Iran, some countries in Asia, Europe, Africa). The  company is the official representative of the "Lubreks" brand in  Armenia and CIS countries and imports engine oils from the UAE.