12 Apr 2024 12:54

Mitsui, partners divest lumber producer TM Baikal, new owner is Starway Group

IRKUTSK. April 12 (Interfax) - Yakutsk Shipping Company LLC has become the owner of TM Baikal LLC, a major lumber producer in Irkutsk Region, the Unified State Register of Legal Entities reported.

The change of ownership was registered on April 11. TM Baikal was previously owned by Japanese companies Mitsui, Tajima Lumber and Tajima Kosan.

Yakutsk Shipping Company is owned by Yakutsk River Port LLC, which in turn is owned by Starway Logistics LLC. All three of these companies are part of Starway Group, which was founded in 2011 by Felix Lyubashevsky, president of independent oilfield services company Integra Group.

Starway Group also includes Rechservis LLC, Technological Transport Management LLC, and JSC Osetrovo River Port , which is located on the Lena River in Ust-Kut and is strategic for deliveries of goods to northern communities in Irkutsk Region and Yakutia and for the construction of the Power of Siberia gas pipeline.

TM Baikal is engaged in production and wholesale sales of lumber. The company said on its website that it produces 115,000 cubic meters of lumber annually. Its main markets are countries in Asia and the CIS.

TM Baikal reported a net loss of 243.36 million rubles on revenue of 1.787 billion rubles in 2023.