ArmInfo. Former employees of Nairit Chemical Plant are picketing the parliament building demanding the meeting with Prime Minister Hovik Abrahamyan to discuss possibilities of re-launching the plant.
According to ArmInfo's correspondent on the spot, the protesters say they had met with Minister of Energy and Natural Resources Levon Yolyan for several times and the minister told them the plant cannot be re- activated for lack of investors. Meantime, the employees deny this information.
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.