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Sovcomflot to be privatised ‘before the end of the year’

Igor Shuvalov, Russia’s first deputy prime minister, has said state-owned shipping company Sovcomflot could be privatised before the end of 2016, Reuters reports.

Russia has stepped up its privatisation plans across a number of industries as the Kremlin looks to rein in its budget deficit.

The mid-sized oil producer Bashneft could also be privatised before the end of the year, Shuvalov added.

The government has reportedly just closed a deal to sell a 10.9% stake in diamond miner Alrosa for RBL52bn ($800m).

Russia’s Putin-led government said in February it would prioritise an initial public offering (IPO) of shares in Sovcomflot.

The same month, economy minister Alexei Ulyukayev estimated the government could get around RBL24bn ($357m) roubles from selling a 25% stake in the shipping company.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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