Rosneft is seriously considering construction of a rubber plant in Armenia, Russian ambassador Ivan Volynkin stated, commenting on the company’s plans on Nairit chemical plant in Yerevan.

"The issue being a complicated one, Rosneft is trying to find a mutually beneficial solution. Rosneft, jointly with Pirelli, is mulling construction of a rubber plant for eco-friendly tire production," Volinkin said, according to Arka news agency.

On December 25, 2013, Rosneft, Pirelli Tire Russia and Rosneft-Armenia signed a memorandum of understanding in Yerevan to set up a joint venture for butadiene-styrene rubber production.

"Nairit specialists engaged in similar work at the old plant, will be in demand at the new production," the diplomat said.

As Armenian Prime Minister Tigran Sargsyan said earlier, Rosneft is planning to invest $400 million in construction of a new plant in Armenia.

Nairit was the only plant in the Soviet Union producing chloroprene rubber. The plant was closed in 1989 for environmental reasons and partially resumed operations in 1992. In 2006, 90% of Nairit’s shares were sold to British Rainoville Property Limited for $40 million. The remaining 10% belong to the Armenian government. The plant's operations were suspended in 2010.