Former employees of Nairit protest in front of parliament demanding to reactivate plant

Former employees of Nairit plant are protesting in front of the building of parliament demanding to reactivate the plant.
ArmInfo's correspondent reports from the scene that the protesters demand to restart the plant and to initiate criminal case against the heads of the Nairit as according to them they were forced by blackmail to sign agreements according to which they refuse from accumulated interest of non paid salary. 

To note, Nairit Plant stopped operation in 2014. At the moment the debts of Nairit Plant amount to 50 billion AMD (about 130 million USD). The Plant's shares were given as security against the CIS InterStateBank's 70 mln USD loan provided in 2006 for 5 years - till late Dec 2011 - at 12.5% p.a. In 2006, 90% of Nairit Plant's shares were sold to Rhinoville Property Limited (UK).  The latter owns an 89,999% stake in the plant, Armenian Ministry of Energy and Natural Resources - 4,496%, Gazprom Armenia CJSC (previously ArmRusgasprom) - 3,596%, and Yerevan Thermal Power Plant - 1,907%.  In 2015 the World Bank conducted a financial and technical audit at Nairit Plant at the request of the Armenian Government. The WB considers the re-launch of the plant to be inexpedient because it will need at least $250 mln.  But even if investors are found, the WB experts do not think the product will be competitive, because it will have a high prime cost.  Most experts say that the results of the WB audit can be considered as recommendations to the Plant's bankruptcy process, which in fact has happened. 

Meanwhile, on March 16 Minister of Energy and Natural Resources of Armenia Levon Yolyan stated that Russian "RT- Khimkomposit" holding, which is a part of "Rostekh" State Corporation, is preparing proposals to the Armenian government for restarting Nairit, a giant chemical plant in Armenia. Yolyan assured that the ministry is waiting for certain proposals from Russian colleagues by April 1. At the same time by the order of Armenian Minister of Energy and Natural Resources Levon Yolyan, a working group has been set up to research the current condition of Nairit Plant CJSC and the further steps to help the plant overcome the current situation.. The Energy Minister has instructed the working group to submit the proposals on development of Nairit Plant in the shortest time possible.