Transneft, Summa agree not to bring up change in NCSP management
MOSCOW. Feb 26 (Interfax) - OJSC Transneft and OJSC Novorossiysk Commercial Sea Port (NCSP) held several working meetings together with representatives of Summa Group to consider issues regarding the port's management.
Transneft said in a press release that practical steps to optimize the port's management scheme were agreed upon during the consultations. In particular, the decision was made to hold an NCSP board of directors meeting in mid-March.
"The issue of changing OJSC NCSP's management will not be raised during the board of directors meeting," the statement said.
Issues on the agenda include election of a new board of directors and further development of the Sheskharis oil district.
"By March 15, 2013, NCSP and Transneft will discuss and agree the schedule of operations at Sheskharis. At the same time, representatives of Summa and Transneft plan to vote in unison to elect Maxim Grishanin the chairman of the board of directors," the company said.
A Summa spokesman confirmed to Interfax that all issues of dispute between the NCSP shareholders had been settled.
The conflict boiled over in early February when Transneft demanded replacement of the port's management, which it believed was ignoring its position. Transneft had proposed replacing the current CEO Rado Antolovic with Sergei Kireev, and replacing current board chairman Marat Shaidayev with Transneft First Vice President Maxim Grishanin. Transneft had called for an extraordinary meeting to examine those issues.
The group's main shareholder is Novoport (belonging to investment group Summa Capital and Russian oil pipeline company OJSC Transneft on parity beginnings) - it owns 50.1% of the company's stock. Another 20% of NCSP stock is held by federal state property fund Rosimushchestvo, and OJSC Russian Railways (RZD) manages 5.3%. The rest are in free circulation.
NCSP Group includes the stevedore companies OJSC NCSP, OJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, OJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, Baltic Stevedore Company Ltd. (Kaliningrad region), and Primorsk Sea Port (Leningrad region).