Russian companies paying $36.5 million at quota auction for Faroese herring shares

On 12 May 2021 Russia’s Federal Agency for Fishery (FAF) held an auction for the sale of rights to catch Atlanto-scandian herring in the Faroese fishing zone, reports Megafishnet.com.

According to FAF, seven lots were put up for auction: six with 14.3% of the quota and one with a 14.2% share. The price per lot started from 177 million rubles.

Six companies from Kaliningrad, Murmansk and Petrozavodsk had registered to participate in the auction. The highest winning bids were made by two companies from Murmansk Region and Karelia, which will pay a total of almost 2.7 billion rubles for access to the resource. As a result, FAF will conclude contracts with the winners of the auction for a period of 15 years.

More specifically, the quotas were divided between the Karelian company Azimut (part of the Karelrybflot Group), which won three   lots, and the Murmansk Trawl Fleet (part of the Norebo Group), which purchased four lots. The total value of the shares amounted to more than 2.68 billion rubles (ca. $36.5 million).