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  • Transneft to Control Novorossiysk Commercial Sea Port

  • The RF Federal Anti-Trust Service has permitted Fenti development Ltd, A subsidiary of the state-owned Transneft, to acquire 50% voting shares in the Cyprus-registered Omirico Limited.

    This means the pipeline monopoly will control the 50.1% in Novorossiysk Commercial Sea Port it currently co-owns with Summa Group via Omirico.

    Transneft also controls 10.5% in NCSP via its subsidiary Transneft-service. 20% in the port belongs to the RF Federal Agency for State Property Management, 5.3% to Russian Railways, and a small portion is distributed between minority stakeholders.

    Permitting the acquisition, the Anti-Trust Service has also defined an obligatory condition: within 30 days since the deal is made, NCSP must nominate its tariffs for cargo handling, loading, unloading and storage in rubles. The tariffs must be ‘economically sound’, it specified.

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