Armoil to build oil refinery in Yeghvard

Armenia's Armoil company will invest 16.8 billion drams (around $35 million) in the construction of an oil refinery in Yeghvard, the country's Minister of Economic Development and Investments Suren Karayan said at a government meeting.

He said the company was granted a set of import benefits and is planning to bring 31 pieces of equipment worth 523 million drams, which will raise its total investment in the refinery to 16.8 billion drams.

According to Karayan, the refinery will create 150 new jobs. The refinery will have a storage facility and a laboratory, ARKA reported.

At the initial stage the company will build the storage facility with the capacity to store 4 thousand tons of petroleum products. Then it will build the laboratory and then a small oil refinery.

Armoil was founded in 2013 and is engaged in import and wholesale and retail sale of petroleum products, petroleum raw materials, engine oils, diesel fuel, bitumen, etc.