Ukrainian stainless seamless pipe producer Centravis has registered its parent Centravis Ltd. in Switzerland, the company tells Kallanish. It was previously registered in Cyprus. The firm says the change of jurisdiction will help it improve its credit rating and attract longer and cheaper funds for the development of production in Ukraine.
“This is a step to strengthen financial stability and strengthen the company’s position on the world market,” says Centravis financial director Alexandre Joseph. “The Swiss jurisdiction will help in attracting a credit resource at better terms than before. We can also get more favourable terms of cooperation with international insurance companies, and this is important in the context of deferred payments for billet and other materials for the production of seamless pipe.”
Centravis is also completing work on the opening of a new production site in Uzhgorod. The new base in the west of Ukraine will produce pipe for fuel systems of cars. It plans to employ 100 workers. Thanks to the new automated line, a minimum number of people will be involved in the production.
According to the company, January is the time for the implementation of ambitious plans and the war has pushed Centravis to expand.
In December, Centravis put on pause production in order to temporarily redirect electricity to the region’s most critical infrastructure amid blackouts after Russian missile strikes (see Kallanish passim).
The company is waiting for a complete restoration of power supply in the Ukrainian energy system so it can resume operating at full capacity.
Centravis reduced output in January-November by 34% on-year to 10,600 tonnes.
Ukraine’s pipemakers decreased exports in January-November to 375,100t, down by 32% on-year (see Kallanish passim). In November alone, pipe manufacturers decreased exports by 45.7% on-year to 30,120t.
Svetoslav Abrossimov Bulgaria