YEREVAN (Noyan Tapan)–The Nairit chemical plant was given an award at an international conference held from May 23 to 27 in Frankfurt for yielding high quality products last year–according to chief economist of the Nairit joint stock company Levon Ayvazyan.
Director Gagik Nersissian and Commercial Director Hayk Gevorgian flew to Frankfurt to receive the award.
The Nairit chemical plant mainly produces chloroprene rubber. The US–Japan–Germany–France and England are the only other chloroprene rubber producing countries.
Eighty percent of Nairit’s shares belong to the state while the remaining 20 percent belong to the employees.
Ayvazyan said that profits in the last four months were up 113 percent as compared to the same period last year. Between 1994 and 1996 Nairit produced 6,327 tons of chloroprene rubber.
Russia has shown interest in Nairit and is willing to provide an interest free loan for 60 billion rubles.
Iran will be providing $13 million in raw materials needed for the production of the chloroprene rubber.
The Japanese firm "Sumi-Tomo" is also planning to invest some $100 million in Nairit.
According to Ayvazyan–between 1991 and 1994–when Nairit’s production was low–it lost more than 300 of its consumers. Today–Russia–Ukraine and Belarus are only a few of the countries interested in Armenia’s rubber.
According to Nersissian–the sudden increase in electricity and transportation prices has ballooned the prime cost of production. However–in order to maintain the market–Nairit will not raise the price of its product.