September 15, 2010 / 5:30 PM / 9 years ago

Transneft and Summa Capital to acquire Novorossiisk

MOSCOW, Sept 15 (Reuters) - Russia’s pipeline operator Transneft and investment group Summa Capital will buy the Black Sea port of Novorossiisk (NMTP.MM) to create Russia’s leading crude export operator, Novorossiisk said on Wednesday.

“As a result of the transaction it is supposed that NCSP Group will integrate the largest port operator in crude oil handling in Russia,” Novorossiisk said.

“Combining the capacities of Novorossiisk and Primorsk ports will allow creating the largest stevedoring company in Russia.”

Novorossiisk accounts for 20 percent of Russia’s overall sea shipments and its operations are of huge importance to the Mediterranean oil market, which it feeds with around 1 million barrels per day of crude.

Reporting by Vladimir Soldatkin; editing by Melissa Akin

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below