Russia to sell $180m stake in Sovcomflot

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Russia is preparing to sell a 7.8% stake minus one share in state-controlled tanker operator Sovcomflot, with an expected value of about $180 million. The sale is intended to raise revenue as the government seeks to address a growing budget deficit.

Russia is preparing to sell a 7.8% stake in state-controlled shipping giant Sovcomflot as Moscow searches for additional revenues to plug its growing budget deficit. The country’s Federal Agency for State Property Management, Rosimushchestvo, has launched a tender to select an adviser to organise the sale of 7.8% minus one share in the Moscow-listed tanker …