Baltic States – CIS, Export, Latvia, Markets and Companies, Transport

Dmitry Mazepin.

Uralhim, one of the largest mineral fertilizer producers in Russia, registered a subsidiary in Latvia on April 15 this year with a share capital of LVL 140,000.

Biznes&Baltija reports that Mazepin is planning to organize transportation of mineral fertilizers via the Freeport of Riga to the Western markets.

Uralhim is currently having financial problems in Russia: the holding's debts exceed USD 1.2 billion, plus it has disagreements with the Russian tax administration and authorities.

At the beginning of July, Mazepin fled from Russia to London, which is popular with Russian oligarchs, who are having problems in their homeland.

The Russian mass media inform that new railroad tank cars are already being manufactured in Ukraine that will be used to transport mineral fertilizers to Riga. They also report that Uralhim is planning to move its head offices from Moscow to Riga.

Mazepin himself could also move to Riga, as he has a high opinion of the taxes in Latvia and the little interference in business by the state.

Uralhim has not yet officially confirmed the information, furthermore, the holding's representative, Olga Astrova, said that the information about Uralhim moving its head offices to Riga is unfounded. The holding's subsidiary in Riga is meant for Uralhim's export operations.