Novorossijsk Commercial Sea Port

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The Novorossijsk Commercial Sea Port started operations in 1838, and, in 1992, as part of the Russian government privatization program, the Joint-Stock Company Novorossijsk Commercial Sea Port was created. NIKoil is the major shareholder in the joint-stock company, with 32% of the shares; forwarding company Delo and Russkij Generalnyj Bank hold about 30%; individuals hold 18.6% of the shares and the government owns 20%. The port facilities are ideal for break-bulk and consolidation for vessels entering or leaving the river system. The port handles over 50 million tons of general, bulk and liquid cargo annually, and it is the largest port operator in Russia. Novorossiysk Commercial Sea Port altered its charter in April 2011 to provide for a golden share for the Russian government. The government representative on the board was to have veto rights over amendments to the charter, any reorganization or liquidation of the company, changes to charter capital and major and interested party transactions. In 2013, the Russian government still owned 20 percent of the port. Transneft, Russian state oil pipeline monopoly, confirmed the company bought 10 percent of NCSP on the open market but declined to say how much it paid. Russian bank Uralsib bought 5.03 percent of NCSP in early September for $117 million. Experts believe the bank acted on behalf of Transneft, which said the final owner of the stake will be the firm's fully affiliated structure. Transneft and Summa Holding, owned by Dagestani billionaire Ziyavudin Magomedov, own Novoport Holding, a 50-50 joint venture that holds 50.1 percent in NCSP. Other interests hold about 24.6 percent.