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Russian Vice PM announces privatization of Sovcomflot oil shipping company

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Russian Vice PM announces privatization of Sovcomflot oil shipping company

Privatization of Sovcomflot, a Russian company engaged in petroleum and LNG shipping, will take place this summer, according to first Deputy Prime Minister of the Russia, Igor Shuvalov.

“We expected that the procedure will be held in the summer, so we are working with the management”, - Igor Shuvalov told, answering a question of journalists about whether privatization is to take place in a “spring gap”.

Earlier, the Minister of Economic Development, Maxim Oreshkin, said that privatization of “Sovcomflot” package in the amount of 25% minus one share could be held in the first half of this year, but not earlier than May.

Investment consultant of the transaction is VTB Capital, which will be assisted by Sberbank CIB. The package will be offered at the Moscow stock exchange.

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