“Nibulon” has lost $400 million due to the full-scale invasion of Russia

LLC “SP “Nibulon” has incurred losses of approximately $400 million since the beginning of Russia’s full-scale invasion, lost almost 40% of its staff, and is currently operating at 32% of its capacity, as reported by the railway journal Railway Supply, citing Rail.insider.

This was announced by the company’s CEO, Andriy Vadatursky, during the Ukraine Recovery Conference (URC2023) in London.

“A few weeks ago, the Russians blew up the dam, and the investments we made over the course of 15 years are at risk of becoming obsolete,” said Andriy Vadatursky, emphasizing that the restoration of dams and navigation in Ukraine is currently the number one issue.

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The company’s CEO also noted that the terminal built in Mykolaiv in 2003 is currently not operational, the fleet is blocked, and the Russians are using barges to transport military equipment. In such conditions, the company was saved from bankruptcy by the resumption of grain exports from Ukraine last year.

Andriy Vadatursky announced that “Nibulon” has also opened a new demining unit and received a $4 million grant from the German government to purchase demining machines. With their help, 1,500 hectares of agricultural land have already been cleared of mines. The company has managed to sow 1,000 hectares of corn in the 2023 season. Additionally, the grain trader received a grant of over $3 million from USAID for the purchase of railway wagons, and with the attracted €25 million from the Danish Investment Fund, “Nibulon” intends to build an elevator and a flour mill in Izmail.

As reported earlier, “Nibulon” has transported nearly 100,000 tons of cargo by rail since the beginning of the year.

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