Rosatom, DP World plan new logistics JV with FESCO - report

MOSCOW. March 27 (Interfax) - Russian state corporation Rosatom and UAE port operator DP World have agreed to form a new joint business that will include Fesco Transportation Group, RBC reported, citing documents filed with the Federal Antimonopoly Service (FAS).

The participants in the deal are Rosatom subsidiary Global Logistics LLC, DP World Russia FZE and PJSC Far Eastern Shipping Company (FESCO) , FESCO Group's flagship company, RBC said. Rosatom owns 92.5% of PJSC FESCO.

A spokesman for Rosatom confirmed the filing with the FAS and approval of the main parameters of the future agreement, RBC said. The joint venture will be based on Global Logistics and will be 51% Russian owned. Rosatom's contribution will be FESCO (The state corporation owns 92.5% of the shares of the parent company of the FESCO group, PJSC FESCO) and DP World's will be cash, the spokesman said, without disclosing the amount of investment. The deal is also subject to approval by the government commission for control over foreign investment.

"The partnership with DP World is consistent with Rosatom's strategy to create a global logistics operator for the efficient realization of national objectives to develop the transport potential of the company and the corridor of the Northern Sea Route. DP World is the owner of about 40% of the container ports in the whole world, and as part of the creation of the joint company Rosatom will get access to them. DP World will also ensure an increase in the cargo base, including for the Northern Sea Route," RBC reported the Rosatom spokesman as saying.

As a contribution to the joint venture, Rosatom will offer its entire stake in FESCO. "Completely," a representative of the state corporation explained to Interfax. The representative also confirmed the configuration of shares: 51% for Rosatom, 49% for DP World.

"The amount [of DP World's contribution] will correspond to the market value of the FESCO stake, determined by an independent appraiser," a representative of the state corporation said.

The charter capital of PJSC FESCO consists of 2,951,250,000 shares with a nominal value of 1 ruble. Shares of Far Eastern Shipping Company jumped 12.22% on Friday to 64.17 rubles per share.

Rosatom founded Moscow-based Global Logistics in December 2025 with charter capital of 100,000 rubles. Its stated core business is to act as a holding company.

Rosatom already has a joint venture with DP World that was formed in 2023 called International Container Logistics LLC, which is 51% owned by Rosatom Logistics and 49% by DP World Russia FZE.

In 2018, Rosatom was made the operator for the development of infrastructure for the Northern Sea Route, including a nuclear icebreaker fleet. The company is preparing a feasibility study for the creation of a container line and hub ports at the eastern and western ends of the route for transit cargo.

DP World, which is owned by the government of the United Arab Emirates, is one of the largest port operators in the world, with over 60 port terminals. The group manages major ports, terminals, industrial parks, and logistics and economic centers with combined throughput capacity of more than 90 million TEU.

FESCO, one of Russia's largest transportation groups, has port, railway and integrated logistics businesses. The group includes the Commercial Port of Vladivostok, intermodal operator FESCO Integrated Transport, refrigerated container operator Dalreftrans, as well as Transgarant and FESCO Trans.

FESCO operates terminals in Novosibirsk, Khabarovsk, Tomsk, Vladivostok and Kaliningrad, more than 200,000 TEU of containers and a fleet of almost 15,000 well cars. Its fleet of more than 30 vessels operate primarily on the group's own marine lines.

A 92.5% stake in FESCO was transferred to Rosatom in November 2023 by presidential decree.

FESCO's shares jumped 8% Friday morning on the news that the company will become part of a joint venture between Rosatom and DP World. The shares were up 8.2% on the Moscow Exchange to 61.64 rubles, where they were in mid-March, as of 7.24 a.m. Moscow time.