“Grand Tobacco” Begins to Export Its Products

YEREVAN(Noyan Tapan)– The "Grand Tobacco" Armenian-Canadian J.V. has for the first time exported its products: the first five million cigarettes were exported to Moscow.

Grand Tobacco’s financial director Samvel Sahakian told Noyan Tapan that under the agreement signed with the Moscow-based "Stella" firm 90 million cigarettes of "Akhtamar" and "Yerevan" sorts will be delivered to Moscow by the end of the year. The volume of export is expected to reach 160 million cigarettes of different names ($1,600,000) by the end of the year:

Sahakian also said that Grand Tobacco has started to export Armenian raw materials to Russia (Sochi) under an agreement with the "International Tobacco Corporation" firm. Fifty tons of raw materials have already been exported–an additional 300 tons (worth $540,000) will be exported there within the next three months. Sahakian pointed out that there is a possibility of exporting 100-120 tons of raw materials every month. Also–the company will be exporting cigarette filters to Georgia.

"Grand Tobacco" J.V. was set up in August 1997. Its authorized capital totals $100,000. Some 51 percent of its shares belong to the Canadian founder–the "Grand Tobacco" corporation; 49 percent are held by the Armenian RRR Ltd. and Sumsung. The company produced about 800 million cigarettes for the first six months of this year.

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