Armenia requests debt relief for Nairit plant

 

The Armenian government is preparing to ask the CIS Interstate Bank to cancel the debt of the Nairit plant. A draft agreement was approved at a Cabinet meeting today.

The government wants to offer Interstate bank to transfer to Armgazprom, an Armenian state-run company having no affiliation to Gazprom Armenia, the rights to debt claims to the major shareholder of the plant, Rhinoville Property Ltd. for a symbolic price of $100, NEWS.am reports.

Earlier, the government announced progress in talks on debt relief for the Nairit plant.

In 2006, Armenia sold 90% of the Nairit company’s shares to the British Consortium Rhinoville Property Limited for $40 million.