Transneft shares Summa’s confidence in perfect prospects of NCSP Group, Summa President says

Transneft shares the confidence of Summa Group in perfect prospects of Novorossiysk Commercial Sea Port OJSC (NCSP), the Group’s press center cites Aleksandr Vinokurov, President of Summa (NCSP shareholder) as commenting on Transneft’s acquisition of 10% in NCSP.

“Our partners obviously share our confidence in perfect prospects of the company and in considerable increase of its value. The fact of paying a high premium, as media says, confirms this. This signal from one of NCSP shareholders is especially significant right now,” Vinokurov said.

NCSP Group is Russia’s first and Europe’s third largest port operator in terms of cargo throughput. Summa Group and Transneft jointly held 50.1% of NCSP shares (before Transneft’s acquisition), the state holds 20% of shares, Russian Railways - 5%.