Russia’s RDIF, DP World deal to buy 49% in NUTEP can fail

MOSCOW, Nov 30 (PRIME) – A purchase agreement between UAE fund DP World and the Russian Direct Investment Fund (RDIF) for a 49% stake in NUTEP container terminal in the city of Novorossiysk can fail because law limits foreign investment, Deputy Transport Minister Viktor Olersky told reporters on Wednesday.

The deal was announced earlier this year and in July, the owner Sergei Shishkaryov said that he was about to finish the preparation of the contract.

Olersky said, “There are difficulties with them, limitations in the foreign investment law. They cannot have control and they may not want the controlling stake, but understanding that their investment will be protected.”

“The deal can fall through. A decision must be made there, maybe a decision on the level of an intergovernmental agreement, they are looking for various options.”

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