A deal that has been in the making since mid-August is coming to a close: Armenia will sell a 90% stake in Nairit, Armenia's biggest chemical plant, to a British company called Rhinoville Property Limited for $40 million.
Movsisian said under the takeover agreement the new owner has committed to invest $120 million to modernize the plant.
Movsisian said the plant produces now 1000 tons of synthetic rubber a month, sold, apart from Russia, also to the USA and Europe. The new owner has committed also to increase the output from current 10,000 tons a year to 35,000 tons.
This is great. I think the Armenian government has found the best way to finance itself: sell off important assets as necessary! Is there anything we haven't yet sold? Pretty soon we're going to be foreigners in our own land.
It's obvious why any company would like to do business in Armenia. Sure! If they can pollute rivers and the environment, poison the people, and get cheap labor, while at the same time getting away with it all, why wouldn't any company want to do the same? It's always the bottom line that matters, but at what cost?
Original article here.
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