Last checked at 16 Jun 2016 12:00
Press-release
NCSP and Rosmorport Agree Key Terms of Joint Implementation of Taman Dry Cargo Port Project
16.06.2016
NCSP Group (LSE: NCSP, MOEX: NMTP) hereby announces, that on 16 June 2016 at the XX Saint Petersburg International Economic Forum PJSC Novorossiysk Commercial Sea Port and Rosmorport (federal port agency) have signed the Key Terms of RMP Taman LLC Participants Agreement, which represents an agreement of intent regarding joined implementation of the project for the Construction of Dry Cargo District of the Taman Seaport.
CEO of PJSC NCSP Sultan Batov and CEO of Rosmorport Andrey Tarasenko signed the agreement in the presence Maksim Sokolov, the Minister of Transportation of the Russian Federation.
The agreement outlines the terms on which PJSC NCSP may acquire a share in the capital RMP Taman LLC, which is the management company of the prospective Dry Cargo District of the Taman Seaport, including key terms of the shareholders' agreement with FGUP Rosmorport, and the terms of PJSC NCSP's participation in the implementation of project in the form of concession.
PJSC NCSP is supposed to become the strategic partner and the controlling shareholder of RMP Taman LLC management company, which is expected to become the concession holder of the Taman seaport. The concession holder shall take responsibility for the construction and the commissioning of the port's infrastructure objects, including both federal and private property, and for attraction of private investments for the implementation of the project.
Construction of the cargo terminals shall be implemented by private investors (operators) of the terminals and financed by private own or attracted funds. Metalloinvest, EuroChem, Kuzbassrazrezugol, Aston, and Forum Holding are supposed to participate as investors (operators) of the terminals during the first stage of the project. PJSC NCSP intends to participate in these projects as investor and/or operator.
The project envisages the construction and operation of the Dry Cargo District of the Taman Seaport with total capacity up to 91.4 million tonnes per year. The project shall be implemented in two stages. Stage one in the period of 2017-2020 includes construction of port infrastructure and cargo terminals with total capacity up to 46 million tonnes per year.
Total investments in the concession properties are estimated at 60 billion rubles for stage one.
Disclaimer
All statements in this press-release, other than historical facts, that address NCSP Group's business are forward looking statements. Although NCSP Group believes that expectations expressed in such forward looking statements are based on reasonable assumptions, such statements should not in any way be construed as guarantees of future performance. Factors that could cause developments to differ materially from those expressed include overall market conditions. The Group is subject to specific risks inherent in the stevedoring business and general economic and business conditions. Any statement or number in this press-release may be changed, depending on market conditions and other relevant developments.
About NCSP Group
NCSP Group is the largest port operator in Russia and the third largest in Europe, in terms of cargo turnover in 2015. NCSP shares are traded on Russia's Moscow Exchange (ticker: NMTP) and on the London Stock Exchange in the form of GDRs (ticker: NCSP). NCSP Group cargo turnover in 2015 totalled 139.7 million tonnes. Consolidated revenue to IFRS in 2015 totalled $ 877 million, and EBITDA $657* million. NCSP Group consolidates the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, JSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, JSC NLE, OJSC IPP, Baltic Stevedore Company LLC, and JSC SFP.
Contacts
Kristina Senko, Public Relations: KSenko@ncsp.com
Mikhail Shchur, Investor Relations: MShchur@ncsp.com