Russia’s antitrust regulator gives Transneft green light on Novorossiysk Commercial Sea Port deal

The Federal Antimonopoly Service of Russia (FAS) has granted a request filed by Fenti Development Ltd. on approval of a deal to control business of Novorossiysk Commercial Sea Port (NCSP) through the acquisition of 500 ordinary shares (50% of voting shares) of Omirico Limited. The FAS said the transaction will result in indirect control of Transneft over 50.1% of NCSP voting shares as a result of the transfer of 50% of the voting shares of Omirico Limited to the acquirer by Port-Petrovsk Ltd.

At the same time, the FAS ordered to issue a regulation of NCSP which prescribes the tariffs for loading, unloading and storage services provided by NCSP be denominated only in the currency of the Russian Federation, based on the economically reasonable price for these activities.

NCSP JSC is the largest stevedore operator at the Port of Novorossiysk providing a full range of services, including handling of crude oil and petroleum products, other liquid bulk cargo, as well as dry bulk, general cargo and containers.

NCSP operates Freight Area port encompassing the Western, Central and Eastern berths, the Sheskharis Oil Terminal, a maintenance / repair shop and a passenger terminal in Novorossiysk. NCSP is an important gate for imports and Russian exports.