YEREVAN. - $250-300 million is needed for the re-operation of Armenia’s Nairit chemical rubber plant, Armenia’s Energy and Natural Resources Minister Yervand Zakharyan said in the parliament today.  

He disagreed with the statements of the opposition that $50-60 million is enough for re-operating the plant. According to him, that amount will not be insuffiencient even for the plant’s current expenses for a year. “The amount is big, and we are doing our best to find investors,” he said.

Zakharyan also said the plant workers, whose wage arrears have been cleared, signed a withdrawal from penalties and fines for the late payment of their salaries, but according to him, they did it of their own will (the workers stated the contrary).

In 2006, the Government of Armenia sold 90% of the Nairit plant shares to a British consortium, Rhinoville Property Limited, for $40 million. The investors failed to appear to Armenian community or the press ever since.

In 2006, the CIS Interstate Bank extended to Rhinoville a $70 mln line of credit, which was not repaid. In January 2014, the bank successfully claimed Rhinoville’s 90% shares, while the remaining 10% stayed with the Government.

On July 28, Yervand Zakharyan announced that the government has concluded negotiations with the Interstate bank, which agreed to cede the unpaid debts of Rhinoville.