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Transneft consolidates control of Russia's biggest sea port

Russia’s pipeline monopoly now owns 60.6% of port operator and management company Novorossiysk Commercial Sea Port. Rashid Sharipov has been appointed Chairman of the NCSP for the second time

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At a meeting held on 16th November, the Board of Directors of Novorossiysk Commercial Seaport approved the appointment, for the second time, of Rashid Sharipov, a Vice President of Transneft, as Chairman of the Board. Sharipov takes over from Dmitry Pristanskov, the head of Russia’s federal agency for state property management. The Board of Directors of NCSP now consists of Sharipov, Sergey Andronov (Transneft Group), Maxim Grishanin (Transneft Group), Sergey Kireyev (Transneft Group), Nikolay Platonov (Transneft Group) and Aleksandr Tikohonov (Russian Transport Ministry).

 

As we reported in October, Transneft now owns 60.6% of the shares in NCSP - which also controls Primorsk Oil Terminal and Baltic Stevedoring Company in Kaliningrad as well as oil, container handling, grain handling, bunkering and general cargo handling assets in Novorossiysk.

 

Transneft bought out Summa Group’s stake in Novoport Holding (NH) for US$750M. NH was previously the 50:50 joint venture through which Transneft and Summa controlled 50.1% of NCSP. Separately Transneft has a 10.5% stake through Transneft Service, hence its total stake is 60.6%. Summa agreed to sell its stake in NH to Transneft in February this year and this was approved by the federal anti-monopoly service, but the transaction was put on ice after the arrest of Summa’s owners at the end of March.

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