Dubai World to own 50 of Primorskys East Stevedore | Volga, Transport, logistics

Far East | Transport, logistics

Dubai World to own 50% of Primorsky’s East Stevedore?

22 Dec '09
Developer and hotel operator Dubai World has plans to buy 25% of Primorsky regional East Stevedore Company through its port-operating arm, DP World, said Igor Artemyev, the head of Russia’s Federal Anti-monopoly Service.

The deal has already been reportedly approved by the RF’s Governmental Committee for Foreign Investments.

Terms and financials of the deal have yet to be announced.

According to RIA Novosti, East Stevedore Company is controlled by Severstal’s Alexei Mordashov.

As the Russian stevedore firm’s website says, “DP World already owns 25% of East Stevedore Company, with the remaining 75% currently held by Russian port operator Global Ports Investments Plc., which is part of the N-Trans group of companies.”

As was earlier reported internationally, government-controlled Dubai World has run into serious financial difficulties. It had to ask creditors for a six-month debt repayment respite in late November. Nonetheless, the East Stevedore deal is reportedly expected to happen.