YEREVAN. – The Armenian government is preparing to ask the CIS Interstate Bank to cancel the debt of Nairit plant. A draft agreement was approved at the Cabinet meeting on Thursday.

The government wants to offer Interstate bank to transfer to Armgazprom, an Armenian state-run company having no affiliation to Gazprom Armenia, the rights to debt claims to the major shareholder of the plant, Rhinoville Property Ltd. for a symbolic price of $ 100.

Earlier the government announced progress in talks on debt relief on Nairit plant.

In 2006, Armenia sold 90 per cent of Nairit company’s shares to the British Consortium Rhinoville Property Limited for $40 million. Since then the company hasn’t practically appeared before the public or press.