Record Results in Eastern Europe
17 February 2003
BSI Inspectorate, a division of the BSI Group, has announced record 2002 results for its Eastern European Operations. The company also announced, at a reception to mark Institute of Petroleum Week in London, a programme of further investment in Eastern Europe and in particular in the Former Soviet Union.
Turnover in 2002 for BSI Inspectorate Eastern European operations was up £6 million (US$9 million) to £26 million (US$41.6 million), an improvement of some 30% on 2001.
BSI Inspectorate will maintain its East European investment during 2003, further committing in excess of £2 million ($3 million) to developing its oil & petrochemical infrastructure and increasing its capabilities in both the Russian and Caspian Sea markets.
Commenting on the results, Richard Pettigrew, Regional Manager BSI Inspectorate Eastern European division said: "BSI Inspectorate is growing significantly in the East European marketplace. The division's results reflect our commitment to the entire region. Our confidence in the market has been reinforced by the recent purchase of 50% of TNK, Russia's third largest oil company, by major BSI Inspectorate client, BP. This has given a key boost to long-term prospects for Eastern European business. BSI Inspectorate is well set to compete in this market with a current structure of 14 operating companies, employing 1,400 full time staff and 18 fully equipped laboratories in the region. We are looking to build on this in the coming year."
Valerie Boguine, General Manager of RosInspectorate said: "We are delighted with the progress that we have made within Russia. BSI Inspectorate is fully committed to expanding its operations within Russia, which is one of the fastest growing oil and petrochemical market places in the world."
Notes for Editors:
- The BSI Group acquired Inspectorate in 1998. The company specialises in independent inspection services for all major commodities including oil and petrochemicals, agricultural products and metals and minerals.
- The BSI Group is the world leader in standards, commodity inspection services, product testing and quality management services.
- The BSI Inspectorate Eastern European region in based in Lausanne, Switzerland with operations throughout the Former Soviet Union including in Russia, Kazakhstan and the Caspian Sea, Baltic and Black Sea regions.
- RosInspectorate is a Moscow based joint venture in which BSI owns a 70% controlling share.
- BSI Inspectorate operates from Witham, England and Houston, Texas.
- The BSI Group operates in 112 countries, and in 2001 its turnover was some UK£235 million (US$370 million)