Gazprombank expands its share in Nevskaya Pipeline Company (Ust-Luga) from 24% to 74%

Gazprombank has expanded its share in Nevskaya Pipeline Company (Ust-Luga) from 24% to 74%. According to Gazprombank, the transaction was made on November 6, 2015. 

Oil trader Gunvor, co-owner of Nevskaya Pipeline Company, earlier announced its plans to sell its stake in the terminal. 

Previously, 50% of Nevskaya Pipeline Company’s authorized capital was held by Gunvor, 26% - by Transneft Ust-Luga (Transneft subsidiary), 24% - by Gazprombank.

In compliance with RF Government order dated November 26, 2009 on construction of BPS-2, Transneft and Rosneftbunker signed an agreement on cooperation in designing and building BPS-2 facilities in Ust-Luga. Later a special company, Nevskaya Pipeline Company LLC, was set up to operate the oil terminal.