An Iranian investor to buy the Astrakhan Port

The Federal Antimonopoly Service (FAS) has named a potential buyer for PJSC Astrakhan Port whose foreign shareholders entered in an amicable agreement with the FAS in late January requiring them to sell their shares within six months, as reported by Kommersant Newspaper.

An Iranian investor to buy the Astrakhan Port

The Federal Antimonopoly Service (FAS) has named a potential buyer for PJSC Astrakhan Port whose foreign shareholders entered in an amicable agreement with the FAS in late January requiring them to sell their shares within six months, as reported by Kommersant Newspaper.

According to published data citing the FAS's Head of Foreign Investments Control Department Armen Khanyan, Iranian Khazar Sea Shipping Lines and South Way Shipping Agency as well as Azores Shipping Company LL FZE (UAE) may sell 53.7% of voting shares in the Port to Nasim Bahr Kish, an Iranian company.

The government commission pre-approved the transaction associated with the purchase of shares in the Port by Iranian Nasim Bahr Kish as early as on 11 December 2015.

In 2010–2011, Iranian Khazar Sea Shipping Lines, South Shipping Agency, Islamic Republic of Iran Shipping Lines and Azoress Shipping Company (UAE) acquired a controlling stake in the Port without obtaining the approval of the Government Commission for Foreign Investments. The FAS filed a claim with a commercial court in 2012. In July 2014, the court invalidated the deal but its award was appealed against in a cassation court.

PJSC Astrakhan Port transships rolled metal products, coke and grain for import operations as well as cement, polypropylene and food products for export operations. The largest share of transshipment operations is attributable to Iran. PJSC Astrakhan Port's cargo turnover in January to November 2015 totaled 740 thousand tonnes with all Astrakhan-based ports' cargo turnover giving a total of 2.87 million tonnes at last year end.