April 22 2014, 15:19 Source: APK-Inform Views: 710

Government of Russia to divide the NCSP

On April 18, 2014 there was declared that the Government of Russia agreed to divide the Novorossiysk Commercial Sea Port: Transneft will get all the oil loading terminals, and the Summa Group will be the major shareholder of the port.

After the separation the state's holding (20%) will be sold to the Summa Group with the “golden share” maintenance. Thus, the Summa Group to become the controlling shareholder of the NCSP – its share to reach 63.3% as opposed to 27.7%.

Transneft with the NCSP's assets will incur the part of the port's debt (1.9 bln USD in the end of 2013) and pay off 0.7-1 bln USD.

Remind, that in the end of 2013, the President of the oil-transport monopoly, Nikolay Tokarev proposed the President of Russia to devide the NCSP's assets between the stated companies in order to coordinate the single strategy on the assets development.


You should be authorized to post comment