LUXEMBOURG and NEW YORK, March 10, 2011 /PRNewswire/ --
- New $430 Million Project to Significantly Expand Capabilities in Russia
Sodrugestvo Group (http://www.sodrugestvo.com) has started construction on a new port complex in Kaliningrad, Russia.
The $430 million project, scheduled for completion in 2013, will include a new deep-sea port terminal and soybean crushing plant. The Sodrugestvo Group has already invested more than $600 million in port infrastructure and processing facilities in Kaliningrad since 2001.
In a ceremony yesterday commemorating the initiation of the project, several dignitaries including Viktor A. Zubkov, first vice-prime minister of the Russian Federation; Iliya I. Khlebanov, plenipotentiary representative of the president of the Russian Federation, northwest region; and Nikolay N. Tsukanov, governor of the Kaliningrad region, joined Alexander V. Lutsenko, Sodrugestvo's chairman of the board, in laying the ceremonial first stone.
"Sodrugestvo's continuing investment in our Kaliningrad facilities underscores our commitment to the Russian market which is critically important to our Group's health and future growth," said Alexander V. Lutsenko, chairman, Sodrugestvo. "This nearly half billion dollar expenditure will provide us with new production and storage facilities and new shipping berths that will allow us to increase our presence in Northern, Central and Eastern Europe."
On behalf of the Russian Government, Mr. Zubkov said that "the increase of soybean processing capacities is strategically important to guarantee the food security of Russia and the success of the State-sponsored program to develop meat production."
The new specialized port complex has been specially designed to support the import and export of dry bulk agricultural commodities and vegetal oils. It will contain three berths that can receive up to 50,000 metric tons (mt) ships, a new rail terminal with the capacity to handle 5,000,000 mt annually and additional storage capacity to house 160,000 mt of grains, 184,000 mt of dry bulk commodities and 30,000 mt of vegetal oils.
The new plant will add 5,000 mt of daily processing capacity to the existing 3,300 mt daily capacity at the existing Kaliningrad facility.
About Sodrugestvo Group
Sodrugestvo Group (http://www.sodrugestvo.com), founded in 1994, is a rapidly growing agro-industrial company serving global markets. The company is vertically integrated with three business units - specialized infrastructure (including deep-water sea ports), logistics (including railcars and storage facilities) and processing facilities (for the production of proteins and oils from vegetal and animal commodities). In 2010, Sodrugestvo crushed more than 1.1 million tons of soybeans and rapeseed, making it a leading player in Northern, Central and Eastern Europe. The company is also expanding into commodities trading and direct origination capabilities.
Headquartered in Luxembourg, the company has 32 facilities located in nine countries including Russia, Denmark, Brazil, the United States and several Eastern European nations. With consolidated sales of $857 million in its fiscal year ending June 30, 2010, Sodrugestvo has enjoyed average annual growth of 15 percent or more for the last 10 years. Sodrugestvo employs 1,300 and is privately held.
This release is available online in the Feintuch Communications media room located at http://www.feintuchcommunications.com/sodru.
SOURCE Sodrugestvo Group