YEREVAN, MARCH 22, ARMENPRESS. The Armenian government adopted a new decision over the investment program on constructing a completely new oil refinery in Yeghvard, reports Armenpress.

During today’s Cabinet meeting, minister of economic development and investments Suren Karayan said according to the program the ARMOIL CJSC will change, amend and specify the list of imported products in the government’s December 24, 2015 decision directed for the works being implemented within the frames of investment program. “This will result in increase of volume of investments by 550 million drams and will reach 16.8 billion drams. As a result 150 jobs will be created”, the minister said.

According to the government’s December 24, 2015 decision ARMOIL CJSC was allowed to postpone the VAT for imported equipment for a three-year term.

According to the explanation, ARMOIL CJSC constructs a completely new oil refinery within the frames of the investment program equipping it with the latest technologies. As a result of the implementation of the program the company will construct an oil refinery, the first of its kind in the domestic, and will provide with jobs.

English – translator/editor: Aneta Harutyunyan