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Russia to postpone Sovkomflot, NCSP privatization

June 09, 2014, 20:00 UTC+3 MOSCOW
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MOSCOW, June 09. /ITAR-TASS/. The Russian government will not privatize its stakes in shipping company Sovcomflot and Novorossiysk Commercial Sea Port (NCSP) in 2014, First Deputy Finance Minister Tatyana Nesterenko said at a meeting of the State Duma’s budget committee on Friday.

“Considering the uncertainty of these assets’ price, the government has made a decision not to sell the stakes in the companies,” Nesterenko said.

She said that the Finance Ministry expects privatization income to fall by 170 billion rubles ($4.9 billion) in 2014 to 26 billion rubles ($756.6 million).

Finance Minister Anton Siluanov said that the government is considering privatizing oil major Rosneft earlier than planned to compensate for the loss.

A Federal State Property Management Service official told PRIME news agency that the government has not ordered it to halt preparations for Sovcomflot and NCSP privatization so far.

The government has sold 21 small companies for 894.3 million rubles ($26 million) since January, the authority said in a statement. The largest assets, publishing house Slovo based in the city of Saratov and the Tula Region’s arms producer Tulmashzavod, were sold for 256 million rubles ($7.4 million) and 400 million rubles ($11.6 million) respectively, the authority said.

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