St. Petersburg-based Baltimor-Holding is intending to launch an oil refining factory in the Krasnodar Region.

US$10m will be invested to this end, the company said. Production capacity is estimated at 73,000 tons of oil per year which will be used by Baltimor to make mayonnaise.

Once this factory is up and running, Baltimor will double its share of the mayonnaise market during the course of 2005-2006 to 10%.