UPDATE: Russia’s Summa Group may buy government’s stake in NCSP

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MOSCOW, Nov 30 (PRIME) -- Russia’s multi-industry holding Summa Group is interested in buying a government stake in Novorossiysk Commercial Sea Port (NCSP), Deputy Transport Minister Viktor Olersky told PRIME on Wednesday.

“We don’t know many companies that may be interested (in buying the stake). But the NCSP or rather Summa is interested. The issue is the price, but Summa is definitely interested in it,” he said.

Olersky also said that the ministry approved oil pipeline monopoly Transneft’s sale of its stake in NCSP. “We’ve made our conclusion, yes, you are welcome to sell it,” he said.

Summa, stevedore holding DeloPorts, Dubai’s DP World, and the Russian Direct Investment Fund are interested in Transneft’s stake in NCSP. “Everything depends on how we sell it – together with the state package or separately. This is the issue of price, it is purely a commercial story,” he said.

On Tuesday, the Economic Development Ministry has chosen Sberbank CIB to organize privatization of 20% NCSP.

Summa Group and Transneft own 50.1% in NCSP on a parity basis, while Transneft controls another 10.5% of shares. The Federal State Property Management Agency holds 20% of shares that are to be privatized, Russian Railways owns 5.3%, and the rest is free-float.

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