Yerevan's Nairit may obtain second life

Armenian government and the EU-ASIA Business Finance Center holding will sign a Memorandum of Understanding for the restart of the Armenian chemical plant Nairit, the former plant director Karen Israelyan said.

"The Armenian government and the holding have been negotiating for almost a year. Today representatives of the holding and the officials expressed mutual desire to resume the operation of Nairit. An agreement was reached to prepare a corresponding document to address this issue," he said in a statement.

Earlier, Armenian prime minister Karen Karapetyan said if there were a program connected with Nairit; the government would necessarily consider it. But if there were not such a program, the government would not restart Nairit, since it had neither money nor corresponding ideas, ARKA recalls.

A year ago, the holding presented to the government a program for the resumption of Nairit, evaluated to cost from $70 to 100 million.

The plant suspended work in 2010.  It has accumulated debts of $100 million.