The world's largest producer of salmon rearing - Norwegian Marine Harvest ASA intends to deliver to Russia salmon from their production facilities in Chile and the Faeroe Islands. This is stated in a statement on Wednesday, the company financial report for the second quarter of 2014.

"Russia has decided to impose a ban on imports of seafood from the U.S., EU, Canada, Australia and Norway for a period of one year, - the document says. For Marine Harvest this means that salmon produced in Chile and the Faeroe Islands, can still be imported into Russia. We are working to redirect the flow of our products comply with the new market rules".

In Marine Harvest also note that the European producers of salmon will have to adjust to changing market after the introduction of Russia's ban on imports of agricultural products from a number of Western countries. Estimated Marine Harvest, in the past year, Russia accounted for 7% of world consumption of Atlantic salmon (salmon) artificial breeding is about 140 thousand tons. The main part of this volume is 100 thousand tons was provided by Norway and the UK hit by retaliatory sanctions of the Russian Federation.

"The situation in the short term will be a serious test for the logistic and marketing opportunities for the industry, despite the fact that spot prices for salmon fell to a level of 30 CZK ($4,85) per kg. However, the Outlook for the fourth quarter of 2014 and 2015 significantly better when the prices in 39 and 41 shilling per kg, respectively, - the document says. Marine Harvest has the necessary capabilities, so in a constructive way to work with this situation... At the moment the company is working to optimize its activity in the changed conditions and to satisfy the needs of its customers in all markets. During that period, while in force shall remain Russian sanctions, Marine Harvest expects to increase exports to Russia products from their businesses in Chile and in the Faroe Islands".

Despite the fact that the company's operating profit before deduction of interest and taxes for the quarter was a record high, accounting for 1.22 billion CZK ($197,5 million)during this period, Marine Harvest has suffered losses in the amount of $23 million In the company of this fact is mainly attributed to the fall in prices due to the increase in world production of salmon, as sanctions Russia against Western farmers were introduced already in the third quarter.

Marine Harvest is the world's largest producer of salmon rearing, controlling about a quarter of this market. Its production facilities are concentrated in Ireland, Canada, Norway, Chile, Scotland and the Faroe Islands.