Trans - Flot acquires 18.5% of Commercial Seaport Primorsk OJSC

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jan 2008

Trans-Flot CJSC has purchased 18.5% of Commercial Seaport Primorsk OJSC from the Leningrad region Government, DP.ru reports. In 2006, regional government sold Trans-Flot 74% of the port's shares. As of today, the state share in the port makes only 7.5%. The initial price of the port's 18.5% was RUR 300,000. Trans-Flot, which was one of 10 participants, paid RUR 4.59 million. Experts say the interest to the port is driven by the fact that it is the final stage of Baltic Pipeline System (BPS) aimed at oil transportation from Timano-Pechersk field as well as from West-Siberian and Ural oil-and-gas provinces. Trans-Flot has not commented on its plans for operation yet. The transaction is to come into effect in 15days.