June 20, 2011

Miratorg to launch poultry project in Russia

Agro-industrial holding Miratorg, one of the biggest producers of pork, and owner of a large-scale project for beef output in Russia has decided to begin its own poultry venture in the Bryansk region.

According to the media, the company plans to invest about US$500 million in the construction of its new complex. When successful, Miratorg could become one of the 10 largest poultry producers in Russia and will be able to fully meet the demand of Kaliningrad poultry plant, producing semi-finished products.

In May this year, Miratorg launched construction of the poultry complex in the Bryansk region, the Company's President Viktor Linnik said. First products should appear in June 2013, and within a year after the release of the first products the complex will reach full production capacity.

The project cost is estimated at RUB15 billion (US$532 million), out of which RUB12.5 billion rubles (US$443.3 million) is a credit amount. According to Linnik, an agreement on financing has already been reached and the company has already passed the credit committee at a bank, whose name will not be disclosed before signing the agreement.

As part of the poultry project, Miratorg plans to establish a grain company, build a feed mill and grain elevator, a platform breeder and an incubator area for growing broiler chickens, and also a plant for slaughtering and processing poultry.