Russia Sells Off Archangel Trawler Fleet

Dmitry Medvedev, Prime Minister of the Russian Federation has approved the sale of 100% of the shares of OAO Archangel Trawler Fleet, reports Russia's 'Arctic-Info'.

Citing the Federal Agency for State Property Management, Arctic-Info reports that Archangel Trawler Fleet was owned by the state, and was sold to private company Wirma, which is one of the largest fishing enterprises in the North-Western Federal District.

During public auction, Wirma offered to buy the trawler fleet at 2.2 billion rubles instead of the initial amount of 1.82 billion.

The Archangel trawler fleet is the oldest fleet in northern Russia, founded in 1920. The main activity of the company is fishing in the Barents Sea and the waters of the Atlantic Ocean, as well as primary processing of products. Archangel Trawler Fleet has 21 fishing boats, as well as infrastructure on the Arctic coast.

Source: Arctic-Info