Dubai-headquartered port and terminal operator DP World and Russian Direct Investment Fund (RDIF) have reached an agreement with Russian transportation company Delo Group to buy a 49% stake in the country’s Novorossiysk container terminal NUTEP, according to Russian RIA Federal Press.
The acquisition is currently in its initial phase as the parties only signed the preliminary contract for the sale, expected to be finalized in the summer of 2016.
The agreement, which is part of a deal valued at some USD 330 million, is now subject to approval from the Russian foreign investment commission.
As disclosed, the sale contract includes an option to acquire the remaining stake in the container terminal after 2030.
DP World is yet to confirm the details on the matter to World Maritime News.
The preliminary contract signing comes on the back of the agreement reached between DP World and RDIF in January 2016, when the parties launched a joint venture company named “DP World Russia” targeting ports, transportation and logistics infrastructure in Russia.
The joint venture was established with an aim to invest a total of USD 2 billion over time in upgrading Russian port facilities.
DP World owns an 80% share in the joint venture, while the remaining 20% is held by RDIF.
World Maritime News Staff