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.
