Sovcomflot eyes acquisitions on Russian shelf
Russian shipping major Sovcomflot considers to acquire hydrocarbon assets on the Russian shelf, company leader Sergey Frank said when meeting with Prime Minister Vladimir Putin last week.
Mr. Frank did not specify exactly which assets his company is looking at, but said they were assets linked with the development of offshore fields, sea drilling, shelf exploration, as well as ongoing shelf projects. According to the company leader, Sovcomflot has a solid potential for asset acquisitions, especially now in a time with lower prices. The company in 2008 had record-beating revenues. Mr. Frank also said that his company’s tanker fleet is not yet much affected by the troubled international economy. According to Sovcomflot’s investment programme, a total of two billion USD are to be spent over the next three years on the construction of new tankers, all of which are to be built by Russian yards. Sovcomflot is Russia’s by far biggest shipping company after the recent merger with the Novoship company.
