Government extends tax benefits for Armoil Company
30.08.2018,
18:58
The Armenian government has extended today a set of tax benefits granted earlier to the company Armoil, which plans to complete the construction of a refinery in the town of Yeghvard in the central province of Kotayk.
YEREVAN, August 30. /ARKA/. The Armenian government has extended today a set of tax benefits granted earlier to the company Armoil, which plans to complete the construction of a refinery in the town of Yeghvard in the central province of Kotayk.
Economic Development and Investments Minister Artsvik Minasyan said the company will be awarded customs privileges and a VAT payment deferment for import of equipment. He said also the government had earlier refused to extend the benefits because of a negative conclusion of the Nature Protection and Mineral Resources Inspectorate regarding the refinery’s environmental safety, but revised the decision after receiving the company’s counterarguments that the refinery will process oil products, but not oil. He said now there are no obstacles for the company's activity.
The minister said the company will be selling its produces both in the country and outside it. The total investment in the construction of the refinery is estimated at about 16.8 billion drams. It will create about 150 jobs with an average salary of 220 thousand drams.
At the initial stage the company will build the storage facility with the capacity to store 4 thousand tons of petroleum products. Then it will build the laboratory and then a small oil refinery.
Armoil was founded in 2013 and is engaged in import and wholesale and retail sale of petroleum products, petroleum raw materials, engine oils, diesel fuel, bitumen, etc. ($ 1 - 482.76 drams). --0--
Economic Development and Investments Minister Artsvik Minasyan said the company will be awarded customs privileges and a VAT payment deferment for import of equipment. He said also the government had earlier refused to extend the benefits because of a negative conclusion of the Nature Protection and Mineral Resources Inspectorate regarding the refinery’s environmental safety, but revised the decision after receiving the company’s counterarguments that the refinery will process oil products, but not oil. He said now there are no obstacles for the company's activity.
The minister said the company will be selling its produces both in the country and outside it. The total investment in the construction of the refinery is estimated at about 16.8 billion drams. It will create about 150 jobs with an average salary of 220 thousand drams.
At the initial stage the company will build the storage facility with the capacity to store 4 thousand tons of petroleum products. Then it will build the laboratory and then a small oil refinery.
Armoil was founded in 2013 and is engaged in import and wholesale and retail sale of petroleum products, petroleum raw materials, engine oils, diesel fuel, bitumen, etc. ($ 1 - 482.76 drams). --0--
