Heineken has invested 1.2 billion euros in Russia between 2002 and 2006, Rolan Pirmez, president of Heineken in Russia, said at a press conference in Irkutsk on Tuesday.

Heineken spent 80 million euros on upgrades to its Volga Brewery in 2005, he said. The company also spent large amounts of money on an increase in production capacity at its Siberian brewery.

Commenting on the possibility of new acquisitions in Russia, Pirmez said the company does not currently see any suitable options.

Heineken began working in Russia in 2002, when it acquired St. Petersburg brewery Bravo for $400 million. In 2004, the Dutch company acquired the Sobol Beer brewery in Novosibirsk and the firm TsEPKO, which owned the Shikhan brewery in Sterlitamak and the Volga brewery in Nizhny Novgorod.

In 2005, Heineken acquired Patra, St. Petersburg’s Stepan Razin, and the Baikal Brewing Co., and has signed an agreement to buy PIT breweries.

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