YEREVAN.- Neither Armenian Prime Minister Tigran Sargsyan nor any other official, any resident of Armenia are co-owners of Rainoville company owning Armenia’s Nairit chemical plant, said Minister of Energy and Natural Resources Armen Movsisyan. 

Owner of Nairit plant is Rainoville company control stock of which belongs to CIS Interstate bank.

Speaking about the reasons why Rainoville company was unable to cope with the management of chemical giant, Movsisyan said that there are objective and subjective reasons. He claimed it was the only company which agreed to buy Nairit for $ 40 million in addition to debts.

Among the objective reasons he mentioned rise in gas prices in Armenia and AMD revaluation. 

Minister Movsisyan said that the government has drafted a plan for rehabilitation of Nairit. If implemented, chemical giant will be able to work at full capacity.

German C.A.C company is interested in management of the plant, he added.

“Negotiations with the company are underway. If they do not succeed, there are other proposals from Poland and Russia,” said Movsisyan.

He stressed that more favorable atmosphere for the chemical industry developed after global crisis.