October 27, 2017 / 12:25 PM / 24 days ago

Russia's Transneft taking stake in Ust-Luga oil terminal: sources

MOSCOW (Reuters) - Russian pipeline monopoly Transneft (TRNF_p.MM) is buying a stake in the oil terminal at the Baltic Sea port of Ust-Luga from businessman Andrei Bokarev, two sources familiar with the matter told Reuters on Friday.

Transneft-Baltica’s request to buy a 25 percent plus one share stake in terminal was approved by the Federal Antimonopoly service last week.

The terminal, launched in 2015, has a capacity of 30 million tonnes of oil products per year.

Bokarev owns 74 percent and oil trader Gunvor holds the remainder.

Transneft confirmed that it was buying the stake in the terminal but did not disclose the seller or price.

Bokarev was not available for immediate comment.

Gunvor told Reuters that it was not selling its stake.

Gunvor built the terminal and sold a 74 percent stake in the terminal to Bokarev in 2015.

Analysts at the time estimated the value of Gunvor’s deal with Bokarev at 110 billion-130 billion roubles, or $1.9 billion-$2.2 billion at current exchange rates.

Reporting by Gleb Stolyarov, Andrey Kuzmin and Olga Yagova; writing by Polina Devitt; editing by Jason Neely

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