VOLGABURMASH NEW OWNER OF NAIRIT ARMENIAN INDUSTRIAL GIANT

The agreement, according to which Volgaburmash international holding becomes the owner of the stocks of Nairit Armenian industrial giant, was concluded in Yerevan today. To note, earlier Nairit belonged to Armlinkbank. As Volgaburmash’s plenipotentiary Mikhail Zavertyayev stated, the new Nairit owners will first of all restore the plant’s positions at the Russian synthetic rubber market. In his words, Volgaburmash has worked out a $5 million enterprise reconstruction project for producing butadiene. However, appealing to commercial secret, M. Zavertyayev refused to mention of the cost of the Nairit share holding. According to him, Volgaburmash has already invested in Nairit $3,5 million since June 2003.