HomeFeedbackSite mapRussian version

Interfax 26.10.2010


MOSCOW. Oct 26 (Interfax) - Transneft (RTS: TRNF <http://new.ifx.ru/Application/News.aspx> ), which is acquiring a major stake in Novorossiysk Commercial Sea Port (RTS: NMTP <http://new.ifx.ru/Application/News.aspx> ) (NCSP), plans to maintain the port operator's strategy for diversifying freight turnover.

"We won't try to change NCSP's strategy aimed at diversifying the mix of cargos it handles. Of course, as an oil transportation monopoly, we want to see oil transshipment increase, but I reiterate, without infringing on other cargo types," Transneft chief Nikolai Tokarev said in an interview with Interfax.

Transneft and Ziyavudin Magomedov's Summa Capital Group, which are jointly acquiring a controlling stake in NCSP, "are not interested in a radical changeover of company management, since overall the management team is commendable and viewed favorably by the market and minority shareholders," he said.

"Our interests as major shareholders should be tied to the interests of the remaining groups of shareholders and we are interested in everything that will make it possible to create additional shareholder value in future," he said.

"The vision we share with Summa Capital is to create a global port operator that will hold a significant position in the world arena," he said.

"Therefore, in our view, the program of capital investment aimed at diversification of cargo flows at both ports, including general cargos, or to strengthen any separate business area, must remain the basis of the strategy for the newly merged port company," he said.

Transneft and Summa Capital plan to acquire a 50.1% stake in NCSP from current owners Alexander Ponomarenko, Alexander Skorobogatko and Arkady Rotenberg. Simultaneously NCSP will become the owner of 100% in Primorsk Sea Trade Port LLC, which operates the port of Primorsk in Leningrad region's Vyborg district and currently belongs to Summa and Transneft. NCSP will raise a loan of $1.95 billion to purchase the Primorsk port.


Back to list