ARARAT REGION — Armenia’s Minister of Economy, Gevorg Papoyan, visited the oil refining plant under construction in the Ararat region.
The total investment in the project is expected to reach approximately $20 million. The plant will enable the local production of various petroleum products in Armenia, creating over 100 permanent jobs and involving around 400 specialists from different sectors throughout the implementation process.
As part of the investment program, the project will be carried out in phases, including the construction of petroleum and bitumen storage facilities, a bitumen production unit, and a hydrocarbon processing plant. Additionally, the local production of various petroleum products will be organized.
Notably, the full-scale production of bitumen will not only meet domestic demand in Armenia but also supply regional markets.
Accompanied by Sil Capital’s founder and chairman of the board, Eduard Sukiassian, the minister toured the plant’s premises, inspecting ongoing and planned operations.
“One of the key priorities of our economic policy is to move towards producing more complex products. This means transitioning from simple raw material processing to the final production of finished goods. In this context, the plant aligns with our strategy, as semi-finished materials will ultimately be transformed into final products, which is of great significance,” stated Gevorg Papoyan, summarizing his visit.
