Russian company Itera, jointly with Rosneft OAO, is considering the possibility of modernizing Armenia’s Nairit chemical plant, Russian media reported.

Armenian acting Minister of Energy and Natural Resources Armen Movsissyan earlier said that the plant modernization will cost about $400-500 mln in investments.

In 2006, 90% of Nairit shares were sold to British Rainoville Property Limited for $40, with Armenian government owning the rest 10% shares.