Rosneft to invest in Armenia half a billion USD

The Russian company Rosneft plans to implement half a million dollars in an investment program in Armenia, said Armenian Prime Minister Tigran Sargysyan during his meeting in Sochi with his Russian counterpart Dmitry Medvedev.

The major target of the investment is a plant by the name Nairit, which has been stopped since April 2010. The factory was producing rubber. Rosneft is committed to reviving the production of the factory, but before running the factory it has to cover its debts, which meanwhile have reached $400 million.