OREANDA-NEWS. November 26, 2009. Government to sell stakes in ports, airports, shipping line Sovcomflot

The Russian government unveiled plans this week to sell stakes in Sovcomflot, the nation's biggest shipping line, and partially privatize leading seaports and airports in 2010.

The sale of a 25 percent stake in Sovcomflot, the world's fifth largest tanker company, is the biggest item in Moscow's latest privatization plan which is expected to raise around USD 3.5 billion.

Sovcomflot, which has a fleet of 146 ships and booked a USD 406 million profit in 2008, abandoned an initial public offering last year as the global economic downturn reduced its market value.

The government put four other shipping companies on its privatization "wish list," including a 25.5 percent stake in Murmansk Sea Shipping Company.

Moscow also plans to sell a 20 percent stake in Novorossiisk Seaport, the country's largest port which reported a 2008 profit of USD 129 million, and 34 percent of Murmansk Seaport, the largest commercial northern port that is ice free all through the year.
The privatization plan includes the disposal of 55 percent of Vanino, a Far Eastern bulk port in which billionaire industrialist Oleg Deripaska has a 13 percent stake.

Russia's largest ocean container carrier Fesco is already in private hands.