RF Ministry of Economic Development selects VTB Capital as investment consultant on Sovcomflot privatization
The Ministry of Economic Development of the Russian Federation has completed selecting a legal entity to arrange and sell in the name of the Russian Federation federally owned shares of Sovcomflot (25% minus 1 share). The Ministrys press center says, the proposal of VTB Capital JSC was acknowledged to be the best as compared with those of Sberbank CIB CJSC and Credit Suisse JSC (Moscow).
The Ministry will submit the draft order of RF Government for approval by the interested federal executive authorities.
The final decision on selection of the legal entity to arrange and sell in the name of the Russian Federation federally owned property will be made by RF Government.
SCF Group (PAO Sovcomflot) is Russia’s largest shipping company and a world leader in the maritime transportation of hydrocarbons as well as the servicing and support of offshore oil & gas production. The company’s fleet numbers 144 vessels with a combined deadweight of 12.48 million tonnes. SCF Group specialises in the shipping of crude oil, liquefied gas and a wide range of oil products. The Group’s vessels perform complex towing operations and geophysical survey work at offshore oil & gas fields. Sovcomflot supports large-scale offshore energy projects in Russia and overseas, including: Sakhalin-I, Sakhalin-II, Varandey, Tangguh, Peregrino, Prirazlomnoye, Noviy Port, Yamal LNG and others. SCF Group employs over 9,300 personnel both on land and at sea. The company is registered in Saint-Petersburg and has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, Madrid, Singapore and Dubai.