Transneft halts talks to buy NCSP stake from Summa Group

MOSCOW, Apr 3 (PRIME) -- Russian oil pipeline monopoly Transneft has suspended talks on buying a stake in Novorossiysk Commercial Sea Port (NCSP) from multi-industry holding Summa Group, Igor Dyomin, adviser to Transneft’s president, told PRIME on Tuesday.

“Yes, we’ve suspended,” he 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 was holding talks on selling its stake in the port to Transneft.

In February, the Federal Antimonopoly Service said it allowed Transneft’s affiliate Fenti Development Ltd to acquire a 50.1% voting stake in NCSP under a condition that all tariffs are calculated in rubles.

The suspension follows arrest of Summa Group’s major owner Ziyavudin Magomedov over embezzlement charges.

Shares of NCSP fell 1.77% on the Moscow Exchange on reports about suspension of talks.

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