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arminfo: IN JAN-JULY 2003 ARMENAL PRODUCED ALUMINUM FOIL WORTH $16 MLN

YEREVAN, AUGUST 19. ARMINFO. In Jan-July, 2003 the foil rolling plant “ArmenAl”, which belongs to the company “Russki aluminum” produced and exports product worth a total of 9.2 bln drams ($16 mln), which is 3.6 times more than in the same period of last year, Head of the department of economy of mineral resources use and mining works of the ministry of Trade and Economic Development of Armenia Arthur Ashughian told the journalists today.

According to him, the ArmenAl has achieved maximum technological resources on foil rolling and monthly produces and exports aluminum foil worth $5-8 mln. To keep this pace of production till the end of the year will depend on the investment program of the owner of the plant, Ashughian said. He added that the investment program for modernization of the plant worth $34 mln, intended till the end of 2004, nevertheless may influence the volumes of output. The matter concerns that “Russki aluminum” has two business-plans, which envisions partial or full suspension of production during the modernization period. The tender, which will be completed in Oct 2003, will show which business-plan is chosen. Modernization is carried out to increase the quality of the aluminum foil and reduce the cost price of its production, he added. Several European companies take part in the tender, Ashughian said.

It should be noted that at first “Russki Aluminum” intended to invest $34 mln in the ArmenAl from 2003 to 2013, but then, proceeding from the economic expediency, preferred to invest these funds within two years. By Dec 2002 the Russian shareholder invested over $30 mln.

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