16 May, 2006

Russia & Belarus: Baltika intends to set up a joint venture in Belarus

Baltika, a major Russian brewery, is ready to look at proposals from the Belarus authorities and private companies about setting up a joint venture, Baltika President Anton Artemyev told Interfax in a phone interview May 12.

"It is too early to talk about this [setting up a joint venture], the company is in discussions about the issue. But, we are, nevertheless, ready to look at proposals from authorities and private companies," Artemyev said.

The Baltika president is taking part in the Days of the North-West Federal District event in Belarus. "One of the aims of the trip is to look more closely at the Belarus brewery market," he said. "I can already say that companies in Belarus and the entire market have good potential in my opinion. Better quality equipment can be observed and as a result a better quality product," Artemyev said.

Baltika considers the Krinitsa debt problem be fully settled, he said. The Belarusian brewery received a $10 million loan from Baltika in the summer of 2001 to upgrade equipment with the aim of later establishing a joint venture. "We signed an amicable agreement with Krinitsa in summer 2005 where the remaining debt was to be paid by the end of 2005. Krinitsa kept to the terms of the agreement in full and on time," he said.

Artemyev said that in 2005, Baltika occupied about 10% of the Belarusian beer market and sales in the country increased 15% to over 26million liters. Sales are expected to increase 14% in 2006 to 30 million liters. The Belarus budget received over 8.5 billion Belarusian rubles (over $4 million) in Baltika sales taxes in 2005, he said.

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