Major Vladivostok firm coming forward with $700 million fishery project

November 28, 2006 11:56

Turnif's logoMajor Vladivostok firm OAO TURNIF (plc) has come forward with an ambitious project for fishery in conventional and international waters of the Pacific Ocean.

Turnif's shipThe presentation of the plan was made during the recent FISHPROMEXPO Show in Moscow with the venture to be carried out by establishing an operator company based on government and private interests partnership towards a catch of in excess 2 million tonnes within a span of 10 years in the Pacific. 

The government would use the National Investment Fund to contribute RUR8 billion into the capital while private investors would put up RUR2.7 billion. 

It is planned that the operator company would purchase 14 existing BAT factory trawlers to start fishing in the Southeast Pacific.

As of 2009 the firm would order new boats to boost the fleet up to 27 modern fishing vessels, 7 reefers and one research ship.

Turnif's APO filletsAccording to the feasibility study, the investment would pay back in 4.5 years with the firm's market capitalization to reach RUR30-35 billion by the year 2020.

For the period of 2015-2020 the southern subarea of the Pacific (Southwest Pacific and Southeast Pacific) would be the best operating ground where the company would run minimal risks of collision with other countries in organizing a commercial expeditionary fishery in divisions 87 and 81.

The proposed transnational giant would take part in national fishery research programmes and in setting up a new format of international co-operation in the industry.

 

Table. Project's expected progress

Phases

Full budget costs of the project, RUR million

Input from the initiator of the project,  RUR million

Russia's Investment Fund input, RUR million

Total

10 790

2 698

8 092

Phase 1 (2007-2008), completion of a research vessel, purchase and refurbishment of existing 14 BATM factory trawlers, start of the first expedition 

8 005

2 001

6 004

Phase 2 (2009-2010), building a new generation fleet

2 785

696

2 089

Turnif's cod w/rIt is projected that as of 2017 the annual sales of the company would reach USD720.

As of 2017 the proposed giant would start an expeditionary fishery for krill in the Southern Ocean as well as harvesting of tunas in the Pacific, Indian and Atlantic Oceans.

Later, expeditions would be formed to plough all the open and conventional areas of the World Ocean.

Alongside, the ship-repair and shipbuilding yards of the Russian Far East would get extra orders, TURNIF underlined during the presentation.

Mastermind

The project's mastermind Vladivostok-based OAO TURNIF plc was established back in 1970 as a fishery prospecting and scouting operation.

While preserving its capability for prospecting, during the market era the firm has been transformed into a major fishing and processing combine of the Russian Far East with at least five big boats and one middle trawler. More specifically the fleet includes KKRT KAPITAN OLEINICHUK, BATM Vladivostok, BATM PIONER NIKOLAEVA, RTMS PROSTOR, RTMS GISSAR and SRTM-K ANTIA.

Besides, TURNIF plc has several office buildings and a landing-and-storage cluster.

More information from:
General Director Alexander (Petrovich) Ryabchenko, tel. +7(4232)265236, fax +7(4232)269621, e-mail sea@turnif.com, http://www.turnif.com/

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