ArmInfo. The issues of anti-crisis development of one of the largest enterprises in Armenia - the Yerevan foil rolling plant "Armenal" were discussed during the visit of the delegation of the Ministry of Economy of Armenia headed by Deputy Minister Edgar Zakaryan to the enterprise.
As reported by the press service of the department, Edgar Zakaryan, accompanied by Acting General Director Tigran Arustamyan, walked around the territory of the plant, got acquainted with the production capabilities, current and planned future programs related to the prospects for the development of the aluminum industry, issues of cooperation with government agencies and other industrial enterprises.
The "Armenal" plant is the only enterprise in Armenia that produces and exports aluminum foil. Since 2000, the enterprise has been part of the Russian RUSAL. With the application of Western sanctions against RUSAL structures (due to the military conflict between Russia and Ukraine), Armenal's production volumes began to rapidly decline. Since 2023, information has been circulating in the Armenian segment of social networks that the management of the united company RUSAL presented the Armenian enterprise with a demand to reduce the number of employees by 30% (200 people) with subsequent possible conservation of the enterprise itself for the purpose of sale. The deadline was set until January 1, 2024.
After 2024, information leaked to the media that the Tashir group of companies (owner Samvel Karapetyan) was considering the possibility of acquiring the plant, which has been operating at a loss for a year and a half due to Western sanctions. However, neither the Minister of Economy of Armenia Gevorg Papoyan nor representatives of Tashir have commented on this issue yet.
In particular, summing up the 100-day activity as Minister of Economy, Gevorg Papoyan said that despite high production volumes, the plant has certain problems with sales markets due to Western sanctions against Russia and specifically the RUSAL group of companies. Without disclosing any details, Papoyan noted that business negotiations are currently underway, and any comments can only hinder. "But we are doing and will do everything possible so that tomorrow and in the future, such an industrial capacity and an important asset of the country as Armenal would work in our country," Papoyan emphasized.
In particular, the Ministry of Economy has developed a concept for the development of the industry, where it presented the risks associated not only with sanctions, but also with fluctuations in world prices for aluminum due to unstable demand. In their concept, the experts of the Ministry of Economy considered it possible to reorient the Armenal enterprise to other markets, including the local one, the volume of which in 2022 amounted to about $ 10 million. In addition, it was stated that the government is also ready to provide additional assistance to investors wishing to enter the market, including loan subsidies and tax breaks (subject to compliance with all requirements).
According to the RA Statistical Committee, in the first quarter of 2025, the production of aluminum foil in Armenia noticeably slowed down in the annual decline - from 35.3% to 5.3%, amounting to 4,684.6 thousand tons. For the whole of 2024, the production of aluminum foil accelerated in decline from 21.1% to 23.2%, amounting to 19.7 thousand tons.
We also remind you that according to the data of the RA Customs Service, in the first half of 2024, the plant exported 10.1 thousand tons of aluminum foil, which is 22.8% lower than the figure for the previous year (against a decline of 16.5% a year earlier for the same period). The customs value of exported foil decreased by 35.9% to $31.6 million.
Foil was mainly exported to Germany (21.4%), followed by Poland (20.9%), the Netherlands (13.6%), Spain (11.7%), Italy (11.5%), France (6.6%), Russia (5.3%), Slovenia (2.7%), the Czech Republic (1.7%), the United Kingdom (1.5%), Greece (1.2%), and the remaining volume was sent to Belgium, Albania, Hungary, Georgia, Kazakhstan.
