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FESCO takes control of Vladivostok

FESCO takes control of Vladivostok

Moscow: Russia's Far East Shipping Company (FESCO) has concluded a deal to buy 100% in M-Port, the parent company of the Commercial Port of Vladivostok, Siman Povarenkin, chairman of FESCO's board of directors, said at a news conference Monday.

At the first stage of the deal, FESCO will buy 50% in the port for US$90 million by September 17, Prima Tass reported.

At the second stage, FESCO will buy the other 50% by 2010, Povarenkin said.

M-Port holds 95.2% in the Commercial Port of Vladivostok.

Before the deal, M-Port was owned by Port-Aktiv, which was in turn controlled by executives of the port. Port Aktiv initially held 50% in M-Port and purchased the remaining 50% from the Magnitogorsk Iron and Steel Works earlier this month.

The Commercial Port of Vladivostok processed over 2 million tonnes of cargo in January-June.

Industrial Investors, a group controlled by Russian businessman Sergei Generalov, holds a 64% interest in FESCO. 

In May Seatrade Asia Online reported how Russian Troika, a joint venture of Russian Railways and Far Eastern Shipping Company (part of FESCO Transport Group) is to launch the construction of a new container terminal in the port of Vladivostok worth a total of over RUR2bn (approx. US$77.22m). The first stage of the construction will give a capacity of up to 120,000 teu a year and will be completed and put into operation in 2010. The second stage is to be completed in 2011, and by 2014 the terminal is expected to reach its projected capacity of 250,000 teua year.  [21/8/07]