FESCO Sells NCC Stake

27 July 2010 (Last Updated July 27th, 2010 18:30)

Russia's Far East Shipping Company (FESCO) has sold its 50% stake in the National Container Company (NCC) for $900m to a firm associated with First Quantum oil trader, which owns the other half of NCC. FESCO is expected to invest in port and terminal assets including the Mikhnevo terminal

Russia's Far East Shipping Company (FESCO) has sold its 50% stake in the National Container Company (NCC) for $900m to a firm associated with First Quantum oil trader, which owns the other half of NCC.

FESCO is expected to invest in port and terminal assets including the Mikhnevo terminal as well as port and land terminals in Vladivostok.

NCC said the deal would restart suspended projects and expand the capacities of First Container Terminal to 1.6 million teu, NUTEP to 550,000teu, Ust-Luga Container Terminal to three million teu and Ukrtranscontainer to four million teu.