YEREVAN. – The debt of Nairit chemical plant make 126 billion drams or around $263 million, Energy Minister Yervand Zakharyan said during parliamentary hearings on Tuesday.

The Minister added that all debts, except for wage arrears, have been frozen till the government is seeking new investors.

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. In 2006 the CIS Interstate Bank opened a $70 million credit for Rhinoville. The Armenian government owns 10 percent of the shares.