Baltic Fuel Co set to invest RUB 3bn in expansion
Baltic Fuel Company (BFC) has planned to inject some RUB 3 bullion in its business expansion in line with “Investment Program 2011-2016” approved by the Board of Directors. BFC’s financial partner is Saint Petersburg Bank, the Group said.
The Group will focus on development of its transport assets (expansion and upgrade of its fleet of ships and trucks, carrying oil products), the Company’s port facilities at Big Port St. Petersburg, towboats services as a separate business division. BFC will be investing in ecological services, shore-based treatment facilities at the ports of the Gulf of Finland, as well as expansion of the company's presence in Russia.
BFC’s General Director Stanislav Korneev said, commenting the investment program approval: "Creation of modern port facilities is a core component of the development potential of the company in the field of services. Building a multipurpose terminal in the port of St. Petersburg to aid the development of all of the company’s business segments, will be a priority of the Group. As the company enters the market of container traffic, optimizes and expands its environmental services it needs to establish efficient port infrastructure applying cutting-edge technological solutions. Another major objective is the reducing of the company’s fleet average age."
The Group will focus on development of its transport assets (expansion and upgrade of its fleet of ships and trucks, carrying oil products), the Company’s port facilities at Big Port St. Petersburg, towboats services as a separate business division. BFC will be investing in ecological services, shore-based treatment facilities at the ports of the Gulf of Finland, as well as expansion of the company's presence in Russia.
BFC’s General Director Stanislav Korneev said, commenting the investment program approval: "Creation of modern port facilities is a core component of the development potential of the company in the field of services. Building a multipurpose terminal in the port of St. Petersburg to aid the development of all of the company’s business segments, will be a priority of the Group. As the company enters the market of container traffic, optimizes and expands its environmental services it needs to establish efficient port infrastructure applying cutting-edge technological solutions. Another major objective is the reducing of the company’s fleet average age."
In the next five years, BFC plans to diversify its business and strengthen existing activities. In particular, Baltic Shipyard is building a series of four oil barges ordered by the Group. The lead ship of the project will be launched on September 27, 2011. The Group is set to beef up its fleet to 40 vessels.
The BFC’s expansion in the market of inland oil products shipping will entail the company operations in the Volga and Don basin, said Stanislav Korneev. So, the company's strategy includes an action plan to gain ground in the service markets in the Black, Azov and Caspian seas.
The Baltic Fuel Company Board of Directors elected Renord-Invest’s General Director Mikhail Smirnov as its Chairman. Stanislav Korneev will hold the office of General Director of the Group for the next five year.
St. Petersburg-headquartered Baltic Fuel Company Ltd. was established in 2008 to manage the bunkering companies of the holding. Baltic Fuel Company ranks among top 3 leaders in the market of bunkering services at the ports of St. Petersburg and Leningrad region. For over 10 years, the Group’s divisions have been engaged in oil products exports, bunkering operations, storage of oil products, provision of environmental services, etc. BFC now owns and operates the bunkering fleet of 31 vessels and 25 fuel oil carries.
The BFC’s expansion in the market of inland oil products shipping will entail the company operations in the Volga and Don basin, said Stanislav Korneev. So, the company's strategy includes an action plan to gain ground in the service markets in the Black, Azov and Caspian seas.
The Baltic Fuel Company Board of Directors elected Renord-Invest’s General Director Mikhail Smirnov as its Chairman. Stanislav Korneev will hold the office of General Director of the Group for the next five year.
St. Petersburg-headquartered Baltic Fuel Company Ltd. was established in 2008 to manage the bunkering companies of the holding. Baltic Fuel Company ranks among top 3 leaders in the market of bunkering services at the ports of St. Petersburg and Leningrad region. For over 10 years, the Group’s divisions have been engaged in oil products exports, bunkering operations, storage of oil products, provision of environmental services, etc. BFC now owns and operates the bunkering fleet of 31 vessels and 25 fuel oil carries.