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SUEK Bids Highest for Port

A consortium led by SUEK, Russia's largest steam coal miner, has offered the highest bid for a stake in the Arctic port of Murmansk, an adviser to the deal said on Tuesday, in a move that would lift its holding to over 50 percent.

SUEK, along with a Cyprus-based firm affiliated with Russia's largest privately owned lender Alfa Bank, offered 2.2 billion rubles ($69.9 million) for a 25.5 percent stake in the port, Raiffeisen Investment said.

The company announced the acquisition of a 24.9 stake in the port in February, so the latest bid could potentially take its ownership of the key Barents Sea hub to over 50 percent.

Total Russian coal exports from leading ports increased 5 percent in August, experts said Tuesday.

(Reuters)

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