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Russia looking to sell part of Sovcomflot

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LNG Industry,

According to Reuters, Russia is looking to sell a portion of its state shipping firm Sovcomflot, ideally hoping to attract a range of small-stake investors, as opposed to one strategic buyer that could affect Moscow’s control of the company.

The company transports oil from remote locations that are not connected to Russia’s pipeline system. In addition to this, the company is under contract to ship LNG from the Yamal LNG plant in Northern Siberia, Russia.

Reuters reports that Russia is specifically looking to sell 25% of the state shipping firm, and is hoping to earn up to 30 billion rubles (US$533 million) in the process.

The news agency added that one government source, as well as two banking sources close to the process, claimed that Russia was planning to close the sale by the end of June 2017.

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