Russia’s northwestern port of Murmansk has been put up for sale with a price tag of around $700 million.
The two largest shareholders, Specialized Project Investments and Laterium Commercial, plan to auction their 47.65 percent stake in Murmansk Sea Commercial Port on October 11.
The two companies have been seeking to sell their stakes for several months, but a planned deal with oil trader Gunvor fell through in early August. The Russian government also plans to sell its 25.5 percent share in the port, which is close to Russia’s border with Finland and Norway, by the end of the year.
The port handled 12.9 million tons of cargo in 2010, down 14.8 percent from 2009.
The bulk of Russia’s port assets are in private hands, led by Global Ports which handles 30 percent of the nation’s container traffic and about 28 percent of its fuel oil exports.
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