December 7, 2012 / 12:51 PM / in 5 years

Russia's Mechel wins 55 pct in Vanino port

MOSCOW, Dec 7 (Reuters) - Debt-laden Russian mining and steel company Mechel won 55 percent of the Pacific port of Vanino by offering the highest bid of 15.5 billion roubles in a tender, VTB bank, the sale organiser, said on Friday.

It said the final bid was ten times higher than the initial offer.

Vanino, located on Russia’s Pacific coast near the regional capital of Vladivostok, is one of several ports vital for the export of Russian coal and metals to Asian markets. Infrastructure constraints are a major challenge to boosting exports and port capacity a key competitive edge. (Reporting by Vladimir Soldatkin)

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