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Armenian Government Hands Over Nairit –1 to the British Company Ransat 
An agreement on transferring the authorities of the executive body of Nairit-1 Close Joint Stock Company, once the biggest producer of synthetic rubber in Eastern Europe and USSR to the British company Ransat was signed on Saturday, February 9, 2002 in Yerevan. The executive management agreement was signed by Mr. Ashot Shahnazaryan, the Deputy Minister of Trade and Industry from the Armenian government and Mr. Anil Kumar, President of the Ransat Group for the British side.
British Ransat Group intends to invest $20-25 million dollars in the plant over the next three to four years and to pay off the debts of the plant totaling to $4.5 million; the money would be channeled into resuming and improving the plant's operations, which had been idle for over three months, and purchasing new equipment, marketing as well as engineering development to yield at least 6,100 metric tons of output and secure the plant's uninterrupted operation. With further modernization of the plant over the next three years production volume of synthetic rubber up shall increase up to 25, 000 tones per year. Ransat Group will also undertake activities necessary for international marketing of the product; it is expected to export products both to the Western and Eastern markets, as well as Asian counties including China and Korea.
Ransat Group, a multinational company which has a total group turnover of USD 500 million in various fields covering ferrous and non-ferrous metals, petrochemicals, pharmaceuticals, commodity chemicals, paper pulps. Having offices worldwide and headquarters in London, Ransat Group is responsible to market Polychloroprene rubber in Europe from Armenia having warehouse and distribution network in London. Nairit SP CSC is a leading company in production of polymer products on the basis of butadiene, acetylene, chloropene and their derivatives. The construction of the works producing chloroprene rubber on the basis of high-quality limestone, Sodium Salt and its own waterpower started in 1933. In 1940 Sevanit chloroprene rubber was first produced in Armenia
GOVERNMENT APPROVES NAIRIT SALE TERMS
The Armenian government once again discussed on Thursday the future fate of the Nairit plant, once the biggest producer of synthetic rubber in Eastern Europe and USSR. The daily Azg has already informed that negotiations with an English Ransat Group on privatization of Nairit have completed successfully. The government approved on Thursday the main terms of the agreement that will be signed by Nairit -1 and Ransat group. Speaking to reporters after the government session, trade and industry minister Karen Chshmaritian said the British company would be granted the authorities of the executive manager for 1 year, following which the agreement on privatization of the company will be signed.
In response to a question why the executive management form was chosen, the minister said that sale of Nairit would be more efficient in a year, as it is not an ordinary plant but an entire complex. The period of one year will also help Ransat to more thoroughly get to know the plant. The intentions of this company are very serious and a letter by British ambassador to Armenia Mr. Timothy Jones to the ministry with a request to assist the company comes to prove it. Minister Chshmaritian also said that the British company has been dealing with import and marketing of Armenian synthetic rubber. Under the agreement Ransat commits to install new equipment, to fund marketing, personnel training and other activity, to yield at least 6,100 metric tons of output and secure the plant's uninterrupted operation. The agreement will be signed in 20 days.
The government also approved on Thursday the main directions of free medical aid for 2002. The approved decision points out those sections of the population, approximately 10,000 people, who are entitled to free medical aid.