Summa in talks with DP World Russia on investment in Zarubino, Sever port projects
MOSCOW. Feb 2 (Interfax) - Ziyavudin Magomedov's Summa Group plans to bring DP World Russia into two stevedoring projects as an investor, two sources familiar with the situation told Interfax, noting that negotiations are already underway.
It became known late last year that Summa had launched an intensive search for a co-investor for its Sever coal terminal in the port of Vostochny. Summa hired Goldman Sachs, Morgan Stanley and VTB Capital to find an investor. Summa Vice President Yevgeniya Tyurikova said she saw investment funds in China or Australia as the most likely co-investor.
The sources said the search for an investor continues, but one of those interested is port operator DP World, which recently formed a joint enterprise, DP World Russia, with the Russian Direct Investment Fund (RDIF). Talks among the participants are in the preliminary stages, one of the sources said.
DP World is also discussing the possibility of purchasing a stake in the port of Zarubino, another Summa port project in the Far East.
In both cases, the stake would be below controlling, one of the sources told Interfax.
DP World Russia previously said it is ready to invest up to $2 billion in Russia port projects.
Summa and RDIF declined to comment on the report.
Last year, Summa and RDIF signed a cooperation agreement on both projects, under which RDIF was to engage in finding international investors.