MOSCOW Feb 26 An executive of Russian oil
pipeline operator Transneft will become chairman of
Novorossiisk, ending a standoff between the port group's major
shareholders over investment at the major Black Sea oil outlet.
The management spat had triggered worries over possible
disruption of oil flows through the Sheskharis terminal at
Novorossiisk, which exports up to 45 million tonnes a year
(900,000 barrels a day).
The compromise deal announced by Transneft on Tuesday is
also likely to smooth an expected sale of a 20 percent stake in
Novorossiisk Commercial Sea Port (NCSP Group) as part
of a broader privatisation programme in Russia.
Transneft, which owns a 50.1 percent stake in Novorossiisk
jointly with Russian investment and trading company Summa Group,
took up battle with both of them in February. Transneft said
private magnates running the company had failed to invest enough
in Novorossiisk, the biggest port in the Black Sea.
Transneft, which operates Russia's 50,000 km (31,000 miles)
oil pipelines network, uses the Sheskharis terminal for its oil
Under the compromise deal, Transneft Chief Financial Officer
Maxim Grishanin will become chairman of the NCSP Group,
Transneft said in a statement on its website.
It dropped its call to dismiss NCSP Chief Executive Rado
Antolovic, who last week denied the allegations of
Transneft said a board meeting had been called for mid-March
to discuss the development of Sheskharis, but the issue of
management changes was now removed from the agenda as a result
of the compromise deal.
"An issue of management changes will not be on the meeting
agenda," Transneft said.
NCSP, which is controlled by state property watchdog
Rosimushchestvo, also operates the Baltic port of Primorsk via
Novoport Holding Ltd.
(Reporting by Vladimir Soldatkin; Editing by Clelia Oziel)