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Russia may delay Novorossiysk privatisation until 2013 -minister
November 15, 2012 / 3:50 PM / 5 years ago

Russia may delay Novorossiysk privatisation until 2013 -minister

MOSCOW, Nov 15 (Reuters) - Russia may delay the privatisation of Novorossiysk Commercial Sea Port Group until 2013, Economy Minister Andrei Belousov said on Thursday, Russian news agencies reported.

Other sell-offs planned this year may also be delayed until next year, Belousov told reporters, adding that the valuation of the companies would be higher in the February to April period after their annual reports had been published.

Under its existing privatisation plan, Russia is slated to sell a 20 percent stake in the Novorossiysk port, a major outlet for oil and grain exports on the Black Sea, by the end of this year.

Sources close to the placement told Reuters in late October that the port was preparing a Secondary Public Offer (SPO) of the stake this month.

The government’s existing privatisation plan also envisages the sale of stakes in Vanino and Murmansk seaports, and in the Rusnano technology fund, by the end of this year.

In September Russia sold a 7.6 percent stake in state savings bank Sberbank for $5 billion, its largest privatisation since 2007.

However, depressed stock market conditions have caused repeated delays in planned Russian sell-offs.

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