Emirati Investor Considers Building an Oil Refinery in Armenia

Yerevan — A new oil refinery may soon appear in Armenia. The “Enterprise Armenia” fund is in negotiations with an investor from the United Arab Emirates who is interested in implementing this project on the Armenian-Iranian border, according to Lilit Aroyan, Head of the Investment Promotion Department at the fund, during a broadcast on OTA.

The project is currently in the development phase. The Investment Support Center is actively involved in preparing for its implementation, providing the necessary assistance to the potential investor.

“Enterprise Armenia” serves as a key state institution for working with foreign and local investors. The fund focuses on attracting foreign direct investment and creating favorable conditions for reinvestment into the country’s economy.

It is worth noting that the idea of building an oil refinery on the border between Armenia and Iran is not new. It was first proposed in 2008 by then-President of Armenia, Serzh Sargsyan, as one of several megaprojects alongside the construction of a railway to Iran and a large hydropower plant on the border between the two countries. However, none of these ambitious projects have been implemented.