According to the Russian press on 1 November 2012, the planned road show for the sale of the state’s 20 per cent interest in Novorossiysk Commercial Sea Port did not happen. This is due to a change of heart at the government, with First Deputy Prime Minister Igor Shuvalov now proposing the sale of the interest to a strategic investor, with a premium on the market price.
Investment banks claim that such a decision could adversely affect port operations and also reduce interest in the privatisation programme scheduled for 2013.
The port is 50.1 per cent controlled by a JV owned by Summa co-owner Ziyavudin Magomedov and Transneft. Shuvalov cited Summa as a potential strategic investor, and also Universal Cargo Logistics Holding, owned by Vladimir Lisin.