Trade Turnover of Faeton Holding Company Increased by 20% over 2002

Over the year 2002, the trade turnover of the Faeton holding company increased by 20% year-on-year to close to USD 100 million. This is according to what Vladimir Khilchenko, Faeton's President said at a press conference late lat week, adding that the holding company's net profits for the year should be about USD 10 million.

The Faeton holding company has 27 subsidiaries in St. Petersburg and the Leningrad Region engaged in 10 various business areas, including some industrial production, petroleum products sales, transportation, and commercial real estate. Its employees number over 3,000. Despite the company's attempts at diversification, fuel sales account for USD 63.4 million of a total trade turnover of USD 93.8 million. At this time, 40 gas stations in St. Petersburg and the Leningrad Region are owned by Faeton, accounting for 12% of the local market of petroleum products. In 2003, the number is expected to increase to 50. Faeton's network of gas station handles 20,000 tonnes of light petroleum derivatives monthly.

In 2003, Faeton's owners, Vladimir Khilchenko and Sergei Snopok intend to invest USD 25 million of own and borrowed money in the development of the company, as compared with USD 10 million last year. Of that, USD 6 to 10 million will pay for the development of the company's network of gas stations. The construction of one gas station costs between USD 800,000 and 1 million.

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