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Russia's
Vanino port up for grabs
By John Helmer
MOSCOW - An expected move by the Russian government to lift the security
designation on the far-eastern port of Vanino, and release the state
shareholding for sale, is attracting interest among Russia's aluminum exporters
that ship to North American and Asian markets from Vanino.
Other likely bidders include the national logistics operator, Severstaltrans,
and Industrial Investors, the group that controls Russia's principal Asian
maritime operator, Far Eastern Shipping Co (FESCO).
Interest in the Vanino sale is a fresh sign that Russia's far-east maritime
ports and shipping companies are beginning to emerge from the decade-long
doldrums that followed the collapse of the Soviet Union's trading relations
with Asia. Asset stripping and corrupt privatizations have largely dominated
the management of the sector until recently.
At this stage, government sources told Asia Times Online, the cabinet has not
yet decided on the full list of maritime properties to be privatized next year,
nor has the State Duma approved the government's recommendations. In addition
to Vanino, a recommendation from the State Property Ministry also lists state
shareholdings for possible sale at Novorossiysk (Black Sea), Vladivostok and
Vostochny ports (Sea of Japan), FESCO, and the Moscow River Shipping Co.
In the past, shareholding control of Vanino port has been retained by the
federal government because of the port's importance for the sea link with
Sakhalin Island. Interest is sharpening in the Russian far eastern ports as the
Sakhalin offshore oilfield projects begin to come on stream, generating a tide
of both exports and imports, and an expected regional commercial boom.
A maritime-industry source told Asia Times Online that both the 55 percent
stake in Vanino and the 19.8 percent stake in Vladivostok-based FESCO "are very
interesting. If I was the owner of FESCO, I would buy both." Oleg Rumyantsev,
spokesman for Industrial Investors, which took control of FESCO a year ago and
has begun to generate healthy profits at Russia's third-ranked shipping
company, told ATol that his group "is currently studying the situation
regarding the potential privatization of assets in the transportation sector".
But Rumyantsev added that it is too early to comment on particular assets that
may be up for sale.
Vanino is the key Russian outlet for shipments of Russian aluminum to Asia and
the United States, as well as the receiving port for Indian and Australian
alumina for Siberian-based smelters of the Russian Aluminum (Rusal) group. The
port is thus a vital link in the trading strategy of Rusal, which is reported
by industry sources already to control the commercial operator handling
aluminum and alumina at Vanino. If the government goes ahead with privatization
of the port, Rusal would be well positioned to bid, industry sources said.
Vanino port's marketing department said that while control of the port is in
state hands, the aluminum-alumina complex is part of the port and subordinate
to its management. Last year, Vanino transported about 560,000 tonnes of
aluminum for Rusal to clients in Asia and the US; after Alcoa, Rusal is the
largest producer of aluminum in the world. This year, according to the same
source, a similar volume of aluminum shipments is expected.
Leonid Sabirov, general director of Trans Vanino Cargo, says his privately
owned company manages both aluminum and alumina shipments through the port for
Rusal. He explained that his company leases a state-owned berth from the port
authority, but directly owns loading equipment and storage bunkers for alumina
imports. He said the facility was designed with a capacity to transport up to
1.2 million tonnes of alumina, but for the moment, annual volume is about
430,000 tonnes. Sabirov told ATol that he hopes to up this throughput to
500,000 tonnes for 2004. He declined to identify Trans Vanino's shareholders,
or confirm whether these are connected to Rusal, which he identified as "only a
client". A Rusal spokesman was reluctant to comment.
A source at the Vanino port company said that, in addition to the 55 percent
state shareholding, 4.6 percent of the port shares are owned by companies, and
40.4 percent are owned by individuals. Information on who are the major
individual shareholders and what blocs of shares they now own is not disclosed.
A source in the company told ATol it is likely that the shares of the port will
be acquired by some large investors, probably those who have or may have
cargoes going through Vanino. At the moment, the source said, the main cargo
specializations of the port are aluminum, alumina and timber cargoes. "As the
experience of other ports in the far east demonstrates," the source said,
"large companies that have their own cargo flows going through the far-eastern
ports are interested in acquiring shareholding control of the ports, because
then transportation of their cargoes through these ports works to their
additional benefit."
Anna Vostrukhova, spokesperson for Severstaltrans, said that until the
government makes the formal decision on what stakes it will privatize, it is
too early to comment. Severstaltrans, which is linked to Severstal, Russia's
second-largest steel exporter, has already built a network of shareholdings and
other stakes in St Petersburg, Ust-Luga, Novorossiysk, Olya, Vladivostok and
Vostochny. Compared with Vanino, she added, "we would be more interested in the
20 percent state shareholding of Vostochny port, if it is offered for sale".
At Nakhodka, another of Russia's far-eastern ports, industry sources have told
Asia Times Online that the Alians oil company has bought up additional shares,
and now has almost 66 percent of the port. A commercial Chinese bid to gain
control of a couple of minor Russian ports close to the Chinese border was
rebuffed by local interests early in the year.
(Copyright 2003 Asia Times Online Co, Ltd. All rights reserved. Please contact
content@atimes.com for information on our
sales and syndication policies.)
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