GERMAN C.A.C. SINGLE PARTICIPANT IN TENDER FOR SELECTING OPERATOR FOR ARMENIAN NAIRIT PLANT

/ARKA/
July 1, 2011
YEREVAN

Only one company, German C.A.C., has applied for participation in
tender announced by the government of Armenia to select a company to
operate Nairit synthetic rubber plant, Armenian Energy and Natural
Resources Ministry’s Press Secretary Lusine Harutyunyan said.

The initially set deadline for applications was prolonged from June
15 to June 30.

“Other companies have expressed interest in the tender as well,
but they haven’t submitted their applications,” she said.

Harutyunyan said that the ministry’s specialists would meet with
representatives of the company to discuss the proposed program.

In 2010 the shareholders approved a new development program based on
new approaches that emerged in post-crisis period.

Earlier, Energy and Natural Resource Minister Armen Movsisyan said
that the cost of modernizing Nairit synthetic rubber plant in Yerevan
and bringing it into line with international standards may amount to
$400-500 million.

The minister also said the plant has accumulated $120-$150 million
of international commitments, including a debt to CIS Interstate Bank
and about $25 million of domestic obligations.

Nairit plant was closed in 1989 for ecological reasons, but resumed
partial operation in 1992-93. In 2006 some 90 % of its shares were
sold to a British-registered Rainoville Property Limited at $40
million. The remaining 10% is held by the Armenian government.

From: Emil Lazarian | Ararat NewsPress