Russia transfers 25.5% of Astrakhan Port's assets to Rostec

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Russia transfers 25.5% of Astrakhan Port's assets to Rostec

ASTRAKHAN. Dec 9 (Interfax) - Russia has transferred a 25.5% stake in PJSC Astrakhan Port to Rostec state corporation to boost exports of goods to India and Iran.

The corresponding decree signed by Russian President Vladimir Putin was published on December 9 on the federal portal of legal information, publication.pravo.gov.ru.

"The proposal of the Russian government to transfer 6,288 ordinary registered shares [25.5%] of PJSC Astrakhan Port owned by the federal government to Rostec state corporation for assistance in the development, production and export of advanced industrial products, as a property contribution of the Russian Federation, is to be accepted," the document said.

As reported, the proposal was supported by the Industry and Trade Ministry and aims to implement a project for exporting Russian agricultural and other products to the friendly countries Iran and India.

"As part of the project, Rostec's involvement in port infrastructure is stipulated in order to increase cargo flows between Russia and Iran and to develop the strategically important North-South international transport corridor. The most effective port for the project in Russia's Caspian basin is the Astrakhan port. Given that the majority shareholder of the company is a subsidiary of the Iranian state company IRISL, it is expedient for the Russian Federation to involve a state-owned company or corporation to develop the asset and expand its capacity," an explanatory note to the decree said.

The Astrakhan port is one of the largest enterprises of the port complex of the Astrakhan region, with 14 terminals. The port's total handling capacity is around 12 million tonnes per year. The port handles all types of general and bulk cargo and containers. The port also includes passenger piers.

As of June 30, 2024, according to the list of affiliated persons, the Iranian company Nasim Bahr Kish owned 53.06% of the port's shares, while the Russian Federal Property Agency (Rosimushchestvo) held 25.5%.