Sovcomflot BoD Approves Strategy till 2017
At its meeting in Moscow on 12 September 2011, the Sovcomflot Board of Directors approved the Company’s strategy for the period until 2017, and reviewed the Company’s performance and results for the first half of 2011. Together with Government agencies, the Board also considered the status of preparations for the privatisation of Sovcomflot and the sale of its shares.
Sergey Naryshkin, Chairman of the Board said: “Sovcomflot will continue preparatory work for taking the company public, with a target to complete the main pre-sale preparations by the end of 2011.
Meanwhile the current adverse stock market conditions, including exceptionally high volatility, will mean that the available market window for effective share placement is unlikely to be before the second quarter 2012. The proposals from The Strategy Committee and position of the Board of Directors on this matter are supported by the Russian Government.”
The Company’s updated Strategy reflects the major points from Russia’s Transport Strategy for the period until 2030, and the development prospects for the domestic machine building sector in the context of Russia’s shipbuilding development Strategy for the period until 2020. The strategy document was approved by a number of ministries and governmental agencies and takes full account of the current market situation, as well as the latest trends in the energy industry, giving the Company additional opportunities for sustainable growth.
The financial results for the first half of 2011 demonstrate that Sovcomflot is one of the few tanker companies in the world to end the period in profit, despite the ongoing stagnation of the world shipping market.
SCF Group of companies (SCF): one of the world’s leading shipping companies, specialising in crude oil, petroleum products and liquefied gas transportation. The fleet includes 156 vessels with a total deadweight of 12 million tonnes. The company is registered in St. Petersburg with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid and Singapore.
The Group offers a wide range of vessels and a powerful grouping of vessels, in the market segments most demanded by major Russian oil and gas companies. With its own technical development and unique approach to advanced technologies, Sovcomflot has the ability to meet the most demanding customer requirements, providing effective transportation for oil & gas companies.
Source: SCF Group