Transneft CEO says hopes for NCSP issue solution by June 1

VELIKY NOVGOROD, May 21 (PRIME) -- CEO of Russian oil pipeline monopoly Transneft Nikolai Tokarev said on Monday he hopes that Transneft will be able to buy a stake in Novorossiysk Commercial Sea Port (NCSP) soon.

“A visit by the NCSP board of directors to our facilities in Novorossiysk and a meeting are scheduled for May 31 – June 1. I hope that by that time the situation will allow us to solve this issue once and for all,” Tokarev said.

Summa Group and Transneft own a 50.1% stake in NCSP on a parity basis. Transneft also has a 10.5% stake in the port independently. Summa previously discussed the sale of its stake to Transneft, but the Tverskoi District Court of Moscow in March sanctioned arrest of Summa’s co-owners Ziyavudin and Magomed Magomedov on accusations of large-scale embezzlement. On April 3, Transneft suspended negotiations of the deal.

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