Thursday, October 13 2016 19:31
Naira Badalian

Ministry of Economic Development and Investments studies business  proposal by Slovakian investors on Nairit plant restarting

Ministry of Economic Development and Investments studies business  proposal by Slovakian investors on Nairit plant restarting

ArmInfo. Ministry of Economic  Development and Investments is studying business proposal made by  Slovakian investors on restarting Nairit plant, Deputy Minister Emil  Tarasyan told journalists on October 13 after government session. 

Tarasyan recalled that recently a delegation from Slovakia has  visited Armenia headed by the Deputy Finance Minister. Potential  investors, including Head of Armenian Diaspora in Slovakia Ashot  Grigroyan were among the members of the delegation. According to the  Deputy Minister as a result of the meeting an agreement was reached  that the proposal will be studied in order to understand how feasible  the project is.  Tarasyan also stated that the program will be  discussed with the Ministry of Energy Infrastructures and Natural  Resources. 

It was previously reported that EU-ASIA Business Finance Centre   (Slovakia) is ready to invest up to 150 mln EUR in Nairit Plant. The  holding is registered in Bratislava, the capital of Slovakia. The  company was registered in April 2016 as a company providing advisory  services in the field of business and management. Nairit Plant has  been idle since April 2010. Throughout six years the Armenian  government responded to numerous appeals of the former employees that  the plant will be re-launched as soon as investor is found.  "EU Asia  Business Finance Center" holding has an Iranian partner who is ready   to provide gas for operation of the plant free of charge as an   investment.  Holding is ready to pay 1EUR for operation of the plant  for 5 years in case it is exempted from taxes for that period and its  debts to state are canceled. 

To note, at the moment the debts of Nairit Plant amount to 50 billion  AMD (about 130 million USD).  The Plant's shares were given as  security against the CIS InterStateBank's 70 mln USD loan provided in  2006 for 5 years - till late Dec 2011 - at 12.5% p.a. In 2006, 90% of  Nairit Plant's shares were sold to Rhinoville Property Limited (UK).    The latter owns an 89,999% stake in the plant, Armenian Ministry of  Energy and Natural Resources - 4,496%, Gazprom Armenia CJSC   (previously ArmRusgasprom) - 3,596%, and Yerevan Thermal Power Plant   - 1,907%. In 2015 the World Bank conducted a financial and technical  audit at Nairit Plant at the request of the Armenian Government.  The  WB considers the re- launch of the plant to be inexpedient because it  will need at least $250 mln. But even if investors are found, the WB  experts do not think the product will be competitive, because it will  have a high prime cost. Most experts were saying that the results of  the WB audit can be considered as recommendations to the Plant's  bankruptcy process, which has in fact started.


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