Interagro expects $0.5bn to $1bn turnover

The Interagro Group, held by businessman Ioan Niculae, estimates turnover to be of more than one billion dollars (830 million euros) this year, after having concluded 2005 with 850 million dollars (700 million euros) in turnover and profit lower than in 2004. Interagro comprises several chemical and farming companies, as well as an insurer, Asirom. “A one billion dollar turnover is a realistic estimate. The most pessimistic estimates point to a 500 million dollar (413 million euro i.e.) turnover, an amount that does not include the financial results of Asirom, though,” stated Ioan Niculae. In one of his few appearances before the press, Ioan Niculae added 2006 “does not seem to him like the best year to sell Asirom.” “If I had sold three years ago, I would have got one quarter of what I could get today. I believe the peak of the insurance market will be reached in 2008-2009.” Niculae, who controls fertiliser plants Sofert Bacau, Azochim Savinesti and Turnu Magurele, added that the manufacturing operations at the Bacau and Turnu Magurele factories could be reduced in case the average natural gas price reached 150 dollars for one thousand cubic metres this year from the 120 dollars at the moment. ZF