Sturgeon farm investing 22 million USD into big leap of output

August 30, 2007 15:49

Rostov-based OAO Novocherkassky Rybokombinat (plc) majoring in fish farming and processing is going to invest ca.RUR579 million (more than 22 million USD) to develop its production facilities in the coming seven years. According to the province's Department of Agriculture, in order to fund the investment project the farm has secured a bank loan from the Southwest Bank of SBERBANK of the Russian Federation.

Under the project the company plans to invest RUR205.1 million into construction, reconstruction and refurbishment, RUR166.5 million to purchase machines and broodstock as well as RUR207.1 million to boost working capital.

According to the nation's Ministry of Agriculture, after the first stages of refurbishment the company is planning to boost its annual output to 8300 tonnes, including 2500 tonnes of sturgeons. Besides, they will create facilities for primary and value added processing of 1200 tonnes of raw fish per year (1000 tonnes of silver carp and 200 tonnes of sturgeons).

In the year 2006 the farm produced 714 tonnes of live fish and in 2007 the targeted production volume is 4100 tonnes.

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