En + to bid for state-owned Port Vanino stake
LLC En + Port (part of logistic unit En+) has submitted pre-qualification documents to participate in the auction for a 55-percent stake in OJSC Vanino Commercial Sea Port (Port Vanino), the Company press release said.
LLC En+ Port has provided an irrevocable bank guarantee for RUB 3 billion (from VTB), the Federal Antimonopoly Service approvals, as well as the port expansion plan, which includes a significant increase in cargo handling and construction of new terminals. The company informed it had entered into several agreements with Russian and foreign banks on the facilities to be provided for the Vanino stake acquisition.
"The port of Vanino is of strategic importance for the En+ and the Group’s companies that implement major investment projects in eastern Russia. If we win the auction, we intend to turn Vanino port into a high-tech transportation hub, having increased by several times the cargo volumes and its nomenclature. We plan to focus on boosting alumina imports to Russia intended for aluminium plants operating or under construction, and on the development of container handling. We have already entered into tentative agreements with a Consortium of Japanese and South Korean companies on joint investment in the port development. We’ve been in talks with our partners, the Economic Development Ministry and the regional governments, on incorporation of the Vanino port boundaries into Sovetskaya Gavan port Special Economic Zone, which will make our investments more effective," En + Group Deputy CEO, Logistics Rashad Khuseynov was quoted as saying.
About En + Group
En+ is a Russia-based diversified mining, metals and energy group. En+ Group holds a 47.41% stake in the world's largest alumina and aluminium producer UC RUSAL, owns EuroSibEnergo PLC (one of the world's largest hydro generation companies and largest Russian independent power producer), SMR (one of the world's largest ferromolybdenum producers). En+ Group has a project pipeline including projects in coal and uranium mining, nuclear, aluminium downstream etc. The core base of En+'s businesses is located in Eastern Siberia - close to fast growing Asian markets. En+ Group's businesses employ over 100,000 people. En+ Group's consolidated revenues for 2011 were US$ 15.3 bn. LLC En + Port holds 21.8% of ordinary shares of Port Vanino.
