PRESS: Russian govt, Transneft can sell NCSP stakes at same time

MOSCOW, Oct 28 (PRIME) -- Russia’s Economic Development Ministry has offered oil pipeline monopoly Transneft to sell their 20% and 35.5% respective stakes in Novorossiysk Commercial Sea Port (NCSP) at the same time, business daily Vedomosti reported on Friday, citing a letter of the ministry.

The letter was written in an answer to an earlier order by First Deputy Prime Minister Igor Shuvalov to elaborate the terms and conditions of the NCSP privatization. Three scenarios were discussed earlier: a simultaneous stake sale by the government and Transneft or two versions of a stage-by-stage privatization.

NCSP is scheduled to be privatized in 2017.

Transneft owns a 10.5% stake in the port directly and 25% via a joint venture with multi-industry holding Summa, held on ac parity basis, so in order to unite the stakes, Transneft might need to liquidate all joint ventures with partners, controlling the port, Vedomosti reported.

A source close to Summa said that the company opposes this scenario because the state will be seeking for an investor in its stake for a long time, while it is much easier to sell the Transneft’s stake. Summa will remain one of the key contenders for the asset, and it could attract Dubai’s DP World, one of the largest port operators, as its partner, the daily reported.

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