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Home Terminal News

Transneft takes stake in Russian oil port

September 17, 2010
in Terminal News
2 min read
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Russian national oil pipeline company Transneft and Ziyavudin Magomedov's investment group Summa Capital have entered a deal which will see them control crude oil loading at the two largest ports in European Russia.

The two are purchasing a controlling stake in Novorossiisk Commercial Sea Port to merge it with its Primorsk port. The deal would let Transneft and Summa Capital Primorsk operate the terminal which receives oil from the Baltic Pipeline System, loading about 75 million tonnes of oil a year.

NCSP will essentially have a monopoly on crude exports to Europe. The Primorsk port is new and handling stable volumes of crude, which will help improve NCSP's slightly declining volumes of oil loaded.

The deal will be in two phases. NCSP will buy 100% of Primorsk Oil Terminal, also known as PTP, from Transneft and Summa Capital. The partners will then buy a controlling stake in NCSP.

Based on NCSP's market capitalisation, a controlling stake would be worth $1.5 billion (€1.14 billion). Finalising the purchase could take three to six months. Transneft and Summa Capital will own equal stakes in the 50.1% of NCSP.

Transneft has long been unhappy with the tariffs it pays for oil loading at NCSP. Now the state company will be able to set the rates itself.

Source: The Moscow Times

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