Gunvor won’t bid for Sovkomflot’s stake
Swiss oil trader Gunvor is not considering the purchase of 25% of the shares of Sovcomflot (SCF Group) as a strategic investor, Forbes reported citing a source close to Gunvor.
Gunvor, is the biggest customer of Sovkomflot, ensured for the shipping company about $120m, 9% of the Group’s total revenue for 2009. According to a source in SCF, the company’s IPO might be held in the IV quarter of 2011.
Previously, Sovcomflot’s CEO & President Sergey Frank had said not all potential investors could afford a 25-percent stake in the shipping company. Mr. Frank mentioned as a prospective buyer China state-owned CNPC and its subsidiary Petro China, a long-term partner of SCF in the segment of large crude oil shipments.
The Russian Government has approved a privatization program for 2011-2013. The program includes a list of the top ten Russian enterprises and smaller companies to be privatized. Russ. Govt said it would control every phase of privatization of the largest companies.
SCF Group is the fifth largest tanker companies in the world. The company's fleet comprises 148 vessels with total deadweight of 11,08 million tons. The average age of the tanker fleet is 6,9 years. SCF’s shipbuilding program includes 17 vessels of total deadweight of about 1,42 million tons.
Gunvor, is the biggest customer of Sovkomflot, ensured for the shipping company about $120m, 9% of the Group’s total revenue for 2009. According to a source in SCF, the company’s IPO might be held in the IV quarter of 2011.
Previously, Sovcomflot’s CEO & President Sergey Frank had said not all potential investors could afford a 25-percent stake in the shipping company. Mr. Frank mentioned as a prospective buyer China state-owned CNPC and its subsidiary Petro China, a long-term partner of SCF in the segment of large crude oil shipments.
The Russian Government has approved a privatization program for 2011-2013. The program includes a list of the top ten Russian enterprises and smaller companies to be privatized. Russ. Govt said it would control every phase of privatization of the largest companies.
SCF Group is the fifth largest tanker companies in the world. The company's fleet comprises 148 vessels with total deadweight of 11,08 million tons. The average age of the tanker fleet is 6,9 years. SCF’s shipbuilding program includes 17 vessels of total deadweight of about 1,42 million tons.