YEREVAN. – Potential investors of Nairit plant should know what they want.

Armenian PM Karen Karapetyan stated the aforementioned in the parliament on Wednesday, responding to the question of the ruling Republican Party of Armenia (RPA) MP Levon Martirosyan

“It is necessary to abandon the illusions and speak with a pen and paper in one’s hand.  The current attempt to revive the plant is the third or fourth in succession. Each of them comes at a high cost to the country and the budget,” Karapetyan added (the wage arrears of the Nairit workers were paid from the revenues of state energy companies).

“This doesn’t mean that the state is washing its hands of: any justified business proposal will be thoroughly discussed. But I get concerned when potential investors come and speak of programs without having forecasts regarding the energy resources. I can’t recall any Nairit investor who would request a forecast from the Armenian authorities, asking on what the gas price will be in the future.  This already makes one think, doesn’t it?” Karapetyan said.

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. Following the talks with the bank, in December 2015 the Government received the remaining 90 percent.

The plant, which produced duprene rubber demanded in the world markets, hasn’t operated since 2010. Tge Government is looking for possible investors. Before June 15, it is going to receive consultations from Russian RK-Khimkompozit company on re-launching the plant.