Russia Choosing Consultants for Sovcomflots Privatization

SCF Selection of consultants for the privatization of Russian shipping company Sovcomflot has been launched, Russian Ministry of Economy said. As informed, Russia has sent proposals to banks and organizations to help organize and sell 25 percent in Sovcomflot minus one share. According to local media both Russian and international banks have submitted proposals to take part in the process. Russia owns 100% stake in the company and has decided to sell 25% stake in January when Russian President Vladimir Putin revealed plans to sell the stakes in state-owned companies including Rosneft, Bashneft, VTB, Alrosa in 2016. The sale seems to have sparked interest from international players especially since sanctions against Russia are expected to be eased. The second stage of the selection process is expected to be completed until May 20. World Maritime News Staff