Moscow prepares to sell 7.8% stake in Sovcomflot, Russia's largest state-owned tanker company
Russia's Federal Agency for State Property Management has launched a selection process for organizers to sell a 7.8% stake in Sovcomflot, Russia's largest shipping company and a major shadow fleet tanker operator, The Moscow Times reported on Nov. 4.
Russia's Federal Agency for State Property Management has initiated a selection process to sell a 7.8% stake in Sovcomflot, the country's largest shipping company and major tanker operator. This sale, which represents about one-tenth of the state's 82.8% stake, is expected to generate approximately 15 billion rubles for the Finance Ministry, according to Freedom Global analyst Vladimir Chernov.
Sovcomflot currently operates the world's largest fleet of Aframax medium-sized oil tankers, along with 10 icebreakers. However, a successful placement may require offering the stake at a discount to the current market price. With military spending set to increase to 17.1 trillion rubles, or 35% of total government expenditures, the sale's proceeds will bolster Russia's struggling federal budget, which is projected to face a deficit of 5.4 trillion rubles next year.
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