Novorossiysk Commercial Sea Port increases its share in OJSC IPP to 97.56%

PJSC Novorossiysk Commercial Sea Port (LSE: NCSP, RTS & MICEX: NMTP) has completed the purchase of 2.34% shares of OJSC IPP, a subsidiary of NCSP, increasing its share to 97.56%, the company reports.

OJSC IPP handles highly profitable export cargo, including petroleum products (diesel and fuel oil for bunkerage) and liquid fertilizers (UAN) and is one of the fastest liquid cargo handling facilities in Russia. IPP’s cargo turnover for the first nine months of 2008 totaled 3.6 million tons (25.2% of total NCSP cargo turnover). Net profit for the first half of 2008 under Russian accounting standards totaled 313 million rubles.

New light petroleum products terminal with capacity for 1 million tons per year was launched at IPP in October 2008 under the Group’s investment program. Specialized bunker fuel facility was competed a year ago with capacity of 648,000 tons per year. Following the addition of the new facilities, OJSC IPP has total capacity of 6.5 million tonnes a year.

According to the Association of Sea Ports, PJSC Novorossiysk Commercial Sea PortRussia's RTS and MICEX. In 2007 NCSP’s earnings for 2007 totaled US$ 483.4 million, EBITDA -- US$ 227.9 million, and net profit -- US$ 93.7 million (according to consolidated financial statements under IFRS). is the largest Russian port operator in terms of cargo turnover. NCSP consolidated cargo turnover in 2007 totaled 79.4 million tons. PJSC NCSP is listed on the London Stock Exchange and