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ARMENIA DAILY DIGEST
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From: Ina Iankulova (iiankulova@sorosny.org)
Date: Tue Apr 22 2003 - 13:33:16 EDT
BRITISH INVESTOR CEDES CONTROL OF ARMENIAN CHEMICAL PLANT
The British-registered Ransat group, which signed a five-year agreement with the Armenian government in 2002 to take over management of the Nairit chemical plant in Yerevan, has handed control of that plant and of a second chemical complex in the northern town of Vanadzor back to the Armenian authorities, RFE/RL's Yerevan bureau reported on 18 April. Armenian officials have repeatedly accused Ransat of failing to make good on its pledge to invest $25 million in the plant, which has stood idle since last fall after electricity supplies were cut off due to nonpayment of bills. Ransat also reportedly owes the plant's staff several months' wages. Armenian Deputy Industry Minister Ashot Shahnazarian said on 18 April the Armenian government is holding talks with unnamed Russian companies that have expressed interest in acquiring Nairit, Armenia's largest chemical plant. LF
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