Newsflash:
 
Murmansk Commercial Sea Port to be sold for $250 million
Monday, 07 February 2011 12:25
Russian businessman Gennady Timchenko has agreed to buy Murmansk Commercial Sea Port for $250 million. The deal is expected to be closed in the first quarter. Murmansk is Russia's leading coal export terminal and is controlled by a group of private investors. It has a monthly capacity of about 1 million tons and sends the bulk of its shipments to European destinations. SUEK is the major supplier to the port, followed by Italy's Coeclerici and Mechel. Timchenko has recently increased his activity in energy markets. His Volga Resources fund last year became the biggest shareholder in Russia's largest non-state gas producer, Novatek, while Swiss-based trader Gunvor, co-owned by Timchenko, started fuel oil export from the port of Ust-Luga. Gunvor, the world's third-largest oil trader, also plans tobecome one of the world's top gas traders.
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