Inarctica expects to reach 2025 fish production target of 35,000 tonnes in 2023 or 2024

MOSCOW. Aug 30 (Interfax) - Inarctica , Russia's leading commercial fish farmer, expects to reach the production target of 35,000 tonnes set by its strategy to 2025 this year or in 2024.

"If we're talking about the guidance of 35,000 tonnes, I think that we'll make it either this year or next and then grow further," Inarctica CEO Ilya Sosnov said in a conference call on Tuesday, adding that this refers to fish in live weight.

The company has potential to produce 60,000 tonnes of fish per year, Sosnov said. However, it is "fairly difficult" to provide figures "because there is quite a lot of uncertainty on the market," he said.

Inarctica sold 25,600 tonnes of fish in 2022, compared to 27,900 tonnes in 2021. Sales fell to 13,680 tonnes in the first half of 2023 from 15,745 tonnes in the same period of 2022.

Inarctica farms salmon and sea trout in the Barents Sea off the coast of Murmansk Region and lake trout in Karelia, in northwestern Russia. The group has ten farms in the Barents Sea and three allotments for farming rainbow trout in Lake Segozero in Karelia.