15.04.2013 NCSP Group Begins Phase I of Novorossiysk Commercial Sea Port Modernisation Programme
Novorossiysk Commercial Sea Port Group (“NCSP Group” or the “Group”) (LSE: NCSP, Moscow Exchange: NMTP) announces that the Federal Enterprise Rosmorport and companies of NCSP Group operating at the port of Novorossiysk (PJSC “NCSP”, PJSC “NLE”, PJSC “Novorossiysk Ship Repair Yard” and PJSC “Novorossiysk Grain Terminal”) have signed an agreement of cooperation on design and engineering works under the Novorossiysk Commercial Sea Port Modernisation Programme. NCSP Group will launch phase I of the program, which consists of project documentation development in the coming months this year.
Acting CEO of PJSC NCSP Yuriy Matvienko said: “Signing of the agreement is an important step forward in the realization of our strategy. NCSP Group already has experience implementing large-scale development projects at Novorossiysk port through public-private partnership. This new agreement facilitates development of the port’s marine infrastructure, including projects documentation for dredging and construction of new cargo terminals. Implementation of these projects will enable NCSP Group to handle bulk carriers up to 100,000 tonnes deadweight, and container ships up to 6,000 TEU capacity.”
Previously in March 2012, NCSP Group presented the Master Plan for Group’s development through 2020, approved by the Board of PJSC NCSP. This document became the basis for preparation of a declaration of intent on investing in NCSP Group construction projects. The Ministry of Transportation of the Russian Federation approved the declaration at a meeting chaired by Deputy Minister of Transportation Victor Olerskiy at the end of 2012. NCSP Group management has already prepared the scope of work for project documentation development. The Group will conduct competitive tenders together with the Russia’s Federal Agency for Sea and River Transportation to select a contractor for the development of the documentation.
About NCSP Group
NCSP Group is the largest Russian port operator in terms of cargo turnover. NCSP shares are traded on Russia's MICEX-RTS exchange (ticker: NMTP) and on the London Stock Exchange in the form of GDRs (ticker: NCSP). 50.1% shares of PJSC “NCSP” belong to Novoport Holding Ltd, the beneficial owners of which are OJSC “Transneft” and Summa Group. NCSP Group cargo turnover in 2011 totalled 157 million tonnes. Consolidated revenue according to IFRS in 2011 totalled $1,050 million and EBITDA was $550 million. NCSP Group consolidates the following stevedoring and other companies: PJSC “Novorossiysk Commercial Sea Port”, LLC “Primorsk Trade Port” (since 2011), PJSC “Novorossiysk Grain Terminal”, OJSC “Novorossiysk Ship Repair Yard”, OJSC “NCSP Fleet”, OJSC “NLE”, OJSC “IPP”, CJSC Baltic Stevedore Company and CJSC “SFP”.
For more information contact:
Public relations: KSenko@ncsp.com
Investor relations: Mshchur@ncsp.com