Procurement News Notice |
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| PNN | 5461 |
| Work Detail | It will take the ArmOil company 3-4 years to commission an oil refinery in the town of Yeghvard in the central Kotayk province, economy minister Artsvik Minasyan told a last week Cabinet meeting, recalling that the company had been awarded already a 3-year VAT payment deferment in late 2015. According to him, the company will invest in the construction of the refinery a total of $35 million (16.8 billion Armenian drams. "The company decided to install modern technology and equipment in the refinery and had to increase the money for purchase of new equipment to 746.6 million drams, for which it has also been awarded a VAT payment deferment,’ Minasyan said. The minister said that the investment program envisages creation of 150 new jobs with an average salary of 200 thousand drams in 2016, which is supposed to grow to 250,000 drams in 2018. At the initial stage the company will build a storage facility for 4000 tons of oil products and then equip it with a laboratory. The deferment was earlier awarded to companies which imported more than 300 million drams worth modern equipment or technology to expand their output and modernize production facilities. In 2014 April the government lowered the ceiling to 200 million drams. ArmOil was founded in 2013 and deals with the import, wholesale and retail sale of petroleum, petroleum feedstock, lubricating oils, diesel fuel, bitumen, etc. It is the official representative of the Lubrex brand in Armenia and the CIS. Machine oil is brought from the UAE. |
| Country | Armenia , Western Asia |
| Industry | Oil & Gas |
| Entry Date | 15 Oct 2016 |
| Source | http://arka.am/en/news/business/armoil_to_commission_oil_refinery_in_3_4_years/ |
