Econ Ministry starts selecting consultants for Sovcomflot sale
MOSCOW. May 4 (Interfax) - The Russian Economic Development Ministry has started selecting investment consultants for the sale of 25% plus one share in shipping company Sovcomflot.
Expressions of interest will be accepted until May 4 inclusive, the ministry said in a statement.
"It is planned that the engaged investment bank will work out issues concerning the structure, means and parameters of the deal, as well as the specific timetable for implementing it," the ministry's head of corporate governance, Oksana Tarasenko was quoted as saying in the press release.
The ministry said it plans to select only one bank that asks for the lowest agent fee. The government will then send the consulting investment bank a proposal for preparing the relevant order.
Sovcomflot (SCF), Russia's largest shipping company, specializes in carrying crude oil, oil products and liquefied natural gas (LNG). SCF, which has one of the world's largest tanker fleets, is wholly owned by the government.
