The share of the companies controlled by the Leningrad region government in Ust-Luga company will decrease from 27 to 25%, Igor Rusu, Director General of Ust-Luga company has told to Delovoi Peterburg. According to Rusu the government’s shareholding is still a blocking one, though in future RZD may exceed the government’s share.
The board of directors of RZD OJSC has approved purchase of 8.5% of Ust-Luga shares to be effected before 2007.
Ust-Luga Company was founded in 1992. It is the customer-developer of the Commercial Seaport of Ust-Luga. Under contract with the RF Ministry of Transport the Company is entitled to take independent decisions as regards financing, designing, construction and maintenance of the sea trade port of Ust-Luga with attraction of state and private investments. The largest shareholders of the company are Leningrad Region government (27.3% of shares), United Financial and Industrial Company OJSC (21.9%), Cyprus companies Gramelinko Ltd. (17.5%) and Interalonso Holding Ltd. (15%).