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Sovcomflot considering flotation

Moscow: Government owned Russian shipping company Sovcomflot is believed to be in talks with a number of investment banks with regard to listing on a stock exchange. Although the company is likely to list in Moscow intially, The Guardian reports that it may consider a possible secondary listing on the London stock exchange.

The move, for shares worth 20% of the company, would allow Sovcomflot to raise capital for investment in LNG tankers, such as those used in the Sakhalin project and also for other energy ventures. The shipbuilder, which has seen pre-tax revenues of $289m, is eager to widen its share of the extremely lucrative natural gas market.  [03/04/07]

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