Transneft is seeking a controlling stake in the country’s biggest port in the southern city of Novorossiysk, but the ongoing row between the shareholders is detrimental to the port’s capitalization, say analysts.
The state-owned oil corporation says it’s ready to buy out the stake of Summa Group, but its head Nikolai Tokarev declined to give the price.
However, Ziyavudin Magomedov’s Summa is against selling its stake.
The two companies control the port through a joint venture which owns 50.1 percent of shares.
The port’s capitalization slumped 16 percent amid the squabble which has erupted since February.
Author: Mikhail Vesely