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Belneftekhim Opens Subsidiary in Latvia

Belneftekhim company is bound to open Belneftekhim-Baltik subsidiary in Latvia in an attempt to expand the commodity distribution network.

Under the decision of the Council of Ministers, Belneftekhim will set up a limited liability company in Latvia as a foreign company. No co-founders will be attracted.

The major activity of the company will be transportation and forwarding of Belneftekhim goods (mainly oil products and potassium fertilisers) to Baltic ports. In order to avoid dealing with intermediaries, Belneftekhim has chosen to register the company, as the effective legislature of Latvia does not allow the concern to carry out forwarding activities in Latvia.

The concern will make the minimum contribution of $2,000 into the capital fund of the company. Belneftekhim subsidiaries were previously created in Ukraine and Russia.

The exports of Belneftekhim group in January-November 2003 made $2.3 billion, 26% more than in January-November 2002. The companys share in the export structure of Belarus totals 27%.