MOSCOW, March 27 (Reuters) - Russia's state nuclear giant Rosatom said on Friday that it has agreed with UAE-based port operator DP World to set up a joint venture in logistics. Rosatom, which builds
Rosatom and DP World Collaborate on Logistics Joint Venture in Russia
Strategic Partnership and Joint Venture Details
Agreement Announcement
MOSCOW, March 27 (Reuters) - Russia's state nuclear giant Rosatom said on Friday that it has agreed with UAE-based port operator DP World to set up a joint venture in logistics.
Ownership Structure
Rosatom's Stake
Rosatom, which builds nuclear projects in Russia and abroad and also owns transport assets in Russia, will hold 51% of the company, while DP World will take a 49% stake, the company's spokesman said.
Contributions to the Joint Venture
Rosatom's Contribution
Rosatom's contribution would be its 92.4% stake in Russian transport group FESCO, specialising in container logistics, and DP World will provide cash, which amount would depend on the market valuation of FESCO, he said.
DP World's Contribution
DP World will provide cash, which amount would depend on the market valuation of FESCO, he said.
Regulatory Approvals
The deal requires approval from the government commission on foreign assets and the Federal Antimonopoly Service.
Strategic Importance and Future Prospects
Rosatom's Strategy
Rosatom said the partnership is in line with its strategy to develop a global logistics operator and increase cargo flows, including through the Northern Sea Route, the Arctic transport corridor along Russia's northern coast.
DP World's Role and Benefits
DP World, one of the major container port operators globally, and the deal would give Rosatom access to its global infrastructure, and DP World is expected to help Russia find new cargo volumes, including for the Northern Sea Route, Rosatom said.
Reporting Credits
(Reporting by Anastasiya Lyrchikova; Writing by Gleb Stolyarov; Editing by Louise Heavens)
