Summa and Transneft agree to replace NCSP’s BOD Chairman in March 2013
Summa Group and Transneft OJSC have agreed to replace the Chairman of the Board of Directors of Novorossiysk Commercial Sea Port (NCSP OJSC) in March 2013, Transneft’s press release reads.
According to the statement “During the recent days Transneft OJSC and NCSP OJSC jointly with Summa Group representatives held a number of working meetings focused on management of Novorossiysk port. The discussions held with a constructive approach allowed to agree on practical steps towards optimization of the port management”.
In particular, it was decided to hold a meeting of the Board of Directors of Novorossiysk Commercial Sea Port in the middle of March 2013. The issue of NCSP management replacement is not to be brought up separately. However, representatives of Summa Group and Transneft OJSC plan to vote for Maksim Grishanin, First Vice-President of Transneft, as a Chairman of NCSP Board of Directors. Note, that this post is currently held by Marat Shaidajev.
The agenda also includes the issue of further development of Sheskharis oil district. NCSP and Transneft plan to discuss and approve the district work schedule on March 15.
Novorossiysk Commercial Sea Port OJSC is parent company of NCSP Group, Russia’s largest port operator in terms of cargo turnover. NCSP shares are traded on Russia's Moscow Exchange (ticker: NMTP) and on the London Stock Exchange in the form of GDRs (ticker: NCSP). 50.1% shares of PJSC “NCSP” belong to Novoport Holding Ltd, the beneficial owners of which are OJSC “Transneft” and Summa Group. In 2012, the Group’s throughput gained 1.2% to 158.9 mln tons.