OREANDA-NEWS. February 16, 2011. Belarusian state-controlled Belarustorg and OJSC Yerevan cognac-wine-vodka factory Ararat, in Armenia signed a protocol to create a joint venture in Belarus to produce cognac, the director of the company, Edvard Matulis, stated.

The company will soon complete registration procedures.

Belarustorg will control 31% in the company, and Ararat will hold the remaining 69% sake.

Matulis said the joint venture became possible as a result of the state regulation policy on the domestic market of alcoholic beverages: excise rates and other tax payments applied to imported bottled cognac are much higher than the rates applied to cognac material, which makes imported bottled cognac quite expensive.

“We aim at producing good quality cognac in Belarus at affordable prices,” Matulis said.

The new production will create new jobs and place orders for glass bottles and materials for decorating bottles with domestic enterprises. Belarustorg will be responsible for cognac distribution.