Novorossiysk Commercial Sea Port acquires 22.57-pct stock of IPP OJSC

Novorossiysk Commercial Sea Port OJSC has announced the completion of a transaction on acquisition of a 22.57-percent stock of IPP OJSC, the company informs. IPP OJSC specializes in transshipment of cost-effective cargoes including diesel fuel, bunker fuel and liquid mineral fertilizers. The deal increased the share of Novorossiysk Commercial Sea Port in IPP from 72.65% to 95.22%. The value of the transaction is $94.395 million, which makes less than 10% of the company’s asset value as of March 31, 2008 (non-consolidated report under Russian Accounting Standard). The deal has been undertaken within the framework of the company’s strategy aimed at further consolidation of its subsidiary’s minority interest. Novorossiysk According to the Association of Seaports, Novorossiysk Commercial Sea Port is Russia’s largest port operator in terms of throughput. In 2007, throughput of Novorossiysk Commercial Sea Port totaled 79.4 million tonnes.