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Cherkizovo welcomes Russian government subsidies

16 august 2011
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Meat producer OJSC Cherkizovo Group has started to receive subsidies in line with the Russian government's recently announced support measures.

Agro-industrial companies will receive additional government support for pork, poultry and egg production.

In total, there will be RUB9bn set aside to support Russian producers.

Regional governments are finalising the methodology for calculating the amount of subsidies allocated to producers. The subsidies received will offset the cost of sales.

Cherkizovo Group will apply for these subsidies on the basis of its actual production volumes.

This corresponds to about RUB382m in poultry segment and about 168 mln roubles in pork segment.

CEO Sergei Mikhailov said: "We welcome the Government's announcement on subsidies for Russian producers.

"These measures follow an exceptionally difficult year for the Russian agro-industrial industry with extreme weather conditions leading to drought and fires, resulting in lost harvests and consequently a steep increase in grain prices.

"As one of the largest vertically-integrated agro-industrial companies in Russia, Cherkizovo Group has benefited from government support; in particular, its timely actions in the grain market, which enabled us to buy sufficient quantities of grain to meet our needs until September-October 2011.

"We also welcome the recently revised poultry and pork import quotas for 2012, which have been reduced and capped at 250,000 tonnes 320,000 tonnes accordingly.

"The new quotas will enable Russian meat producers to continue increasing their production volumes to meet the Russian government's target to substantially reduce imports by next year."

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