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City news, 11.08.2004 11:49

St. Petersburg Port to Be Sold

seaport St. Petersburg city administration reiterated its intention to sell 28.79 percent stake in the St. Petersburg seaport along with the Russian government’s 20.2 percent stake. This information was told reporters by Alexei Chichkanov, the first deputy chairman of the state property committee with the city government, on Tuesday, August 10. The Russian Economy Ministry included the St. Petersburg seaport in the 2005 federal property privatization program. St. Petersburg’s Vice Governor Mikhail Oseyevsky already said that the city administration is ready to sell its stake if a strategic investor expresses an interest in acquiring it, Prime-Tass economic news agency reported.

A 51 percent stake in the port is already held by Denmark’s Jusk Stalindustri metals trading company which recently acquire it from Liechtenstein’s Nasdor Anstalt. Vice Governor said that the city authorities already met with the new port management to discuss privatization issues. He added that administration hopes to receive an “adequate offer” from investors.

St. Petersburg seaport is the second largest in Russia and the largest transportation hub in the Russian Northwest. It is located in the mouth of the Neva River and is connected to the Baltic Sea by a 27-sea-mile channel. The port infrastructure includes 49 docks and storage capacity of about one million square meters. St. Petersburg seaport is a commercial representative of seven stevedore companies.

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