Karapetyan calls revival of Nairit plant illusions

Armenia’s newly appointed Prime Minister Karen Karapetyan said that the government did not receive yet any effective investment project for the revival of Nairit synthetic rubber plant in Yerevan.

He expressed concern that potential investors come to Armenia to discuss the possible resumption of the plant without long-term forecasts about energy prices for the next 10-15 years.

"For this reason, we must get rid of illusions; we must sit down with a pen and paper to look into the situation. The government made three or four attempts to attract investors for the plant, which is very costly to the budget. To make another attempt, to spend money on something, which may have no future is quite risky,’ ARKA cited Karapetyan as saying.

Nairit has been idle since March 2010. According to some estimates, the restart of the plant will cost $200-$300 million.