DP World buys 49% stake in Russian container terminal
DP World has acquired a 49% stake in NUTEP terminal in Port of Novorossiysk in Russia for an estimated of US $330 million.
The deal still needs to be approved by a government commission on foreign investment, according to the Journal of Commerce.
The move presumably comes as a result of the increase in DP World’s revenue and profit, seen in the year ended December 31, 2015 and comes just weeks after DP World chairman Sultan Ahmed Bin Sulayem held high level talks with President Putin.
DP World’s profits increased by more than $200 million last year, with Bin Sulayem stating that the company will focus on maintaining the existing shape of its portfolio going forward.
India is another region in which the organisation intends to expand, with a recent announcement that it had been given the green light to combine all of its terminal operations at Indian ports.
DP World’s most recent project in Russia was the ‘DP World Russia’ initiative, which was an invest fund established in collaboration with the Russian Direct Investment Fund, which would see around US$2 billion invested into Russia’s port infrastructure.