RUSSIAN MAMMOTH TAKES FIRM STANDING IN ARMENIA

YEREVAN, June 15 (RIA Novosti) - President Robert Kocharyan is enthusiastic as Russia's industrial holding Volgaburmach has appeared in his country. "It will be a partner to rely on," he says.

The President received Andrei Ischuk, company Directors' Board chairman, yesterday, reports the presidential press service. The conferees discussed drafting progress on a final version of a contract for the Volgaburmach to overtake the entire stock of the Armenian-based Nairit research-cum-production amalgamation, on the world's Top Five list of chloroprene rubber manufacturers.

Mr. Ischuk offered to the President an investment programme, and blueprints to improve the company and bring it back to full capacity.

A contract on which the Volgaburmach will acquire complete Nairit stock was signed in Yerevan, April 16.

The Volgaburmach possesses 14 factories and 11 construction and assembly offices. Its consolidated turnover exceeded US$200 million last year.