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Russia’s Sistema buys 50% stake in railcar operator
Russian oil-to-telecoms conglomerate Sistema said it bought a 50 percent stake in railcar operator Financial Alliance for 3.4 billion roubles ($112 million) as it aims to consolidate its rail assets.It acquired the stake from its subsidiary Bashneft , a mid-sized Russian oil company which is divesting non-core assets.
Last month, Sistema paid around 23 billion roubles for railway freight operator SG-Trans, which specializes in railway shipments of liquefied gas and whose clients include Russia’s biggest oil producer Rosneft, second-biggest oil firm LUKOIL and independent gas producer Novatek.
Mikhail Shamolin, chief executive of Sistema, said in a statement on Friday that the deal would help the company to start its rail transportation assets consolidation.
Financial Alliance, a joint venture between Sistema and a group representing the company’s management team, operates around 12,000 railroad tankers and open railcars, Sistema said.
The Russian government is selling off parts of its vast rail sector and deregulating the market to raise cash for infrastructure and to improve efficiency, providing growth opportunities to private companies on the lookout to boost their fleets. (Reuters)
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