Transneft to get control over Russia's largest port

She buys a share of Suma in NCSP.
22.02.2018
Vedomosti
Origin source
The Federal Antimonopoly Service (FAS) granted the petition of Transneft's structure, the Swiss Fenti Development Ltd., to acquire 50% of Cyprus Omiriko Limited, the service said. This company, which is now controlled by Transneft, together with Zyavudin Magomedov's Sum, is via Novoport Holding Ltd. owns 50.1% of the Novorossiysk Commercial Sea Port (NCSP), the largest in the country.

Having completed the deal, Transneft will receive indirect control over this package, the FAS points out. The state-owned company also owns another 10.5% of the NMPT through Transneft-Service. Another 20% - at the Federal Property Management Agency, the rest - from minority shareholders and in free circulation in the form of GDR.

Transneft petitioned the FAS on the possibility of consolidating the package of NCSP. "We have received approval of such a transaction. However, at the moment no deal has been implemented, "said a representative of Transneft.

 "We are interested in controlling our assets as a strategic investor. At the same time, the privatization of NCSP has not yet taken place. Time goes by, we would like to spend it on business development. "Transneft" has made a good proposal to us, and we are discussing it, "said the representative of Suma.

FAS also issued a directive to NCSP: within 30 days after the completion of this transaction, transfer tariffs for loading, unloading and storage of goods into rubles. At the same time, tariffs in rubles should be established based on an economically reasonable price, the agency points out.

At 15.40 Moscow time capitalization of NCSP on the Moscow Stock Exchange rose by 1.06% to 168 billion rubles.

In 2017, NCSP handled 143.5 million tons of cargo, revenues under IFRS for the nine months of last year - 661.5 billion rubles., Net profit - 359.3 billion rubles.
Group "Sum" will remain without representatives on the board of directors of the largest port

On the eve it became known that the port faced the problem of shipping oil products for export. Loading of five oil tankers, stuck in the port, can resume within three days, TASS reported citing a statement by the Ministry of Transport.

According to the ministry, the problem is connected with "the temporary withdrawal by the owner (NCSP) of berths No. 26 and 27 from the operation and the inappropriate cooperation of terminal operators with the cargo owner and carrier".

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