OREANDA-NEWS. February 27, 2008. SovfrachtShipping OJSC completes purchase of shares from Yeisk Seaport shareholders, press center of Yeisk Administration informs.

According to Mikhail Putilin, deputy Director General of SovfrachtShipping, legal formalities will take two months before the new owner and the authorities of Yeisk district discuss reconstruction of the existing facilities, the source told. The transaction was approved by RosImushchestvo (Federal Property Management Agency) and RosMorPort.

SovfrachtShipping is Russia’s largest operator and carrier of liquid foodstuffs. Due to the company, Yeisk complex for transshipment of liquid foodstuffs will be used for the purpose specified. "Transshipment of liquid foodstuffs is as profitable as oil transshipment,” Putilin said. According to the source he assured the district authorities he supports civilized settlement of any disputes and observance of legal details.

SovfrachtShipping handles up to 60 million tonnes per year including 100,000 tonnes of containerized cargo. Yeisk is to become the first port at the Sea of Azov, but the company plans to expand its presence at the sea. It also intends to expand its influence in Krasnodar Territory. SovfrachtShipping cooperates with RF Navy, it is the strategic partner of Gazprom, Magnitogorsk integrated iron-and-steel works, LUKOIL. It operates its own marine and river fleet and plans purchase of new vessels for Yeisk Seaport development. Besides, the company wishes to participate in the project for construction of Kamyshevski port, the source reported.

New owner of global renown and new lease agreement are likely to stabilize the situation in the port. According to the source, SovfrachtShipping representatives are satisfied with the work of Yeisk Seaport management.