CONTRACT ON TRANSFER OF VANADZOR CHEMICAL PLANT TO SLOVAKIAN COMPANY SLZ TOL
BE CONCLUDED ON JAN 10, 2005
YEREVAN, DECEMBER 24. ARMINFO. A contract on transfer of Vanadzor
chemical plant to Slovakian company SLZ will be concluded on Jan 10,
2005. Armenian President Robert Kocharyan made this statement at a
press-conference after his visit to Lori region on Dec 18.
He says that next year it will become clear whether it is possible
to exploit the plant with profits on the investments the Slovakian
party intends to attract. The transfer of the plant does not mean that
its work will be guaranteed as it is connected with a possibility of
receiving profits the following year, the president says. He emphasized
that the owner of Vanadzor chemical complex has invested funds in the
plant, but failed to put it into exploitation. “One should not make
rash steps in the big business, everything must be well-calculated
here,” the president says.
It should be noted that SLZ intends to reactivate the plant on February
15, 2005 and to restore the production of carbide, corundum and acetate
ribbon. For this purpose, the company intends to invest $880 mln for
purchase of raw materials and $600,000 for current expenses. The owner
of 100% of the plant’s shares is the OJSC “Zakneftegazstroy Prometey,”
which belongs to the Russian businessman, Armenian by origin, Senik
Gevorgyan. Vanadzor chemical complex consisting of the chemical
plant, the chemical fibre plant and Vanadzor thermal power plant was
privatized in the May of 1999 for $1.5 mln. It has been idling since
then. The owner has already invested some $20 mln in the enterprise.-m-