Last checked at 31 May 2011 13:08
Press release
28th May, Russian Prime-minister, Vladimir Putin, at a meeting with his first deputy, Victor Zubkov, announced that Russia would lift the ban on export of grain starting 1 July
2011.31.05.
28 May, Russian Prime-minister, Vladimir Putin, at a meeting with his first deputy, Victor Zubkov, announced that Russia would lift the ban on export of grain starting 1 July 2011. The embargo was introduced on 15 August 2010, as a temporary response to the internal deficit of grain, which resulted from a draught throughout Russia.
The Novorossiysk Commercial Sea Port Group (LSE: NCSP, RTS AND MICEX: NMTP) fully supports thisdecision. Starting from 2003, NCSP invested approximately USD 83mln. into the development and construction of the Novorossiysk Grain Terminal (PJSC "NGT") with a capacity of 3.6 - 5.4 mln. tons p.a.. The Terminal is comprised of 10 silos for 120,000 tons, and modern stevedoring equipment. With the help of NGT, NCSP is the leader in the Black Sea basin in transshipping grain in terms of volumes, speed and quality of services.
As a result of the embargo, NGT was operating at a fraction of its capacity. "We are monitoring the situation and have been waiting for this important decision, - says Rado Antolovich, Vice President for sales and marketing of the Moscow representative office of NCSP. In anticipation of this announcement we filled the silos and are ready to start offloading as we speak. We continue to contract the volumes for the rest of the year and we see significant demand. This allows us to count on full capacity utilization as soon at the embargo is de-facto lifted."
About NCSP Group
Novorossiysk Commercial Sea Port is the largest Russian port operator and the 3d operator in Europe in terms of cargo turnover. NCSP shares are traded on Russia's RTS and MICEX exchanges (NMTP) and on the London Stock Exchange (NCSP) in the form of GDRs (1 GDR representing 75 shares). NCSP Group consolidated cargo turnover in 2010 totaled 81.6 million tons (excluding Primorsk Trade Port), and consolidated revenue to IFRS in 2010 totaled $ 635,3 million and net profit $ 258,4 million. NCSP Group includes the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, PJSC Primorsk Trade Port (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC Fleet of NCSP, OJSC NLE, OJSC IPP, and Baltic Stevedoring Company Ltd.
For more information please contact:
+7 (8617) 60 43 93; senko@ncsp-net.com; IR@nmtp.info