Fin min against Sovcomflot getting part of govt stake sale proceeds

MOSCOW, Mar 15 (PRIME) -- Russia’s Finance Ministry does not support the Economic Development Ministry’s proposal to give shipping company Sovcomflot part of privatization proceeds, Deputy Finance Minister Alexei Moiseyev told reporters on Wednesday.

“As it was said earlier, the probability of VTB’s sale is not very high, that’s why we now expect that the Federal State Property Management Agency will suggest something else to substitute the shortfall in sources. If you remember, (proceeds from) VTB were planned at around 100 billion rubles, that’s why we hope that the Federal State Property Management Agency will suggest something,” Moiseyev said.

“In this connection, we are not quite satisfied with the Economic Development Ministry’s proposal that part of money from privatization of Sovcomflot will go to the company.”

Economic Development Minister Maxim Oreshkin said on Tuesday that the sale of the government’s 25% stake in Sovcomflot is planned for the first half of 2017, and the government will receive 75% of proceeds from the deal, while the remaining 25% will be allotted to the company.

Moiseyev earlier estimated the 25% stake in Sovcomflot at 30 billion rubles.

(58.9540 rubles – U.S. $1)

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