Russia: Sovcomflot Board Approves Company’s Strategy till 2017

At its meeting in Moscow on 12 September, the Sovcomflot Board of Directors approved the Company’s strategy for the period until 2017, and reviewed the Company’s performance. Together with Government agencies, the Board also considered the status of preparations for the privatisation of Sovcomflot and the sale of its shares.

Sergey Naryshkin, Chairman of the Board said: “Sovcomflot will continue preparatory work for taking the company public, with a target to complete the main pre-sale preparations by the end of 2011. Meanwhile the current adverse stock market conditions, including exceptionally high volatility, will mean that the available market window for effective first public share placement (IPO) is unlikely to be before the second quarter 2012. The proposals of the Board of Directors on this matter are supported by the Russian Government.”

The Company’s updated Strategy reflects the major points from Russia’s Transport Strategy for the period until 2030, and the development prospects for the Russian shipbuilding. The document was approved by a number of ministries and governmental agencies and takes full account of the current market situation. It also defines the priority for the expansion of the company’s participation in the development of the new energy projects on the continental shelf.

SCF Group of companies (SCF) – one of the world’s leading shipping companies, specializing in crude oil, petroleum products and liquefied gas transportation. The fleet includes 156 vessels with a total deadweight of 12 million tonnes. The company is registered in St. Petersburg with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid and Singapore.

The Group offers a wide range of vessels and a powerful grouping of vessels, in the market segments most demanded by major Russian oil and gas companies. With its own technical development and unique approach to advanced technologies, Sovcomflot has the ability to meet the most demanding customer requirements, providing effective transportation for oil & gas companies.

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Source: sovcomflot, September 12, 2011;