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Transneft taking stake in Ust-Luga oil terminal

October 30/2017

MOSCOW (MRC) Russian pipeline monopoly Transneft is buying a stake in the oil terminal at the Baltic Sea port of Ust-Luga from businessman Andrei Bokarev, two sources familiar with the matter told Reuters on Friday.

Transneft-Baltica's request to buy a 25% plus one share stake in terminal was approved by the Federal Antimonopoly service last week. The terminal, launched in 2015, has a capacity of 30 MMt of oil products per year.

Bokarev owns 74% and oil trader Gunvor holds the remainder. Transneft confirmed that it was buying the stake in the terminal but did not disclose the seller or price.

Bokarev was not available for immediate comment. Gunvor told Reuters that it was not selling its stake.

Gunvor built the terminal and sold a 74 percent stake in the terminal to Bokarev in 2015. Analysts at the time estimated the value of Gunvor's deal with Bokarev at USD1.9 BUSD2.2 B at current exchange rates.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Transneft, Russia.
Category:General News
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