Support The Moscow Times!

Novorossiisk Port Appoints Acting Head

The board of Russia's Novorossiisk Commercial Sea Port (NCSP) has appointed an acting head after Rado Antolovic temporarily stepped down to face a criminal investigation, the company said on Wednesday.

NCSP said the board had appointed Yury Matviyenko as the port's acting director general.

Industry sources say Matviyenko, who has been an NCSP executive director, is close to Summa Group, which together with Russian oil pipeline operator Transneft owns 50.1 percent of the port via a joint venture.

Maxim Grishanin, Transneft's chief financial officer, was appointed as NCSP's new chairman.

Last week, Russian investigators said they had opened a criminal case against Antolovic for allegedly failing to repay a $1.5 million loan while acting head of the firm. Antolovic has denied any wrongdoing.

The port, Russia's largest Black Sea outlet, is a bone of contention between privately owned Summa Group and Transneft. The stakeholder row has escalated prior to the expected sale of a 20 percent stake held by the state, planned this year as part of the Russian government's wider privatization drive.

Transneft has been seeking tighter control over oil flows, the lifeblood of Russia's $2.1 trillion economy. Last year, Novorossiisk handled 42.5 million tons of oil, while Primorsk on the Baltic Sea, also controlled by NCSP, exported 68.15 million tons — together accounting for more than half of crude exports from the world's top oil producer.

Summa is one contender for the stake, while Rosneft , the state oil company headed by Igor Sechin, a longtime political ally of President Vladimir Putin, has suggested that it could buy the stake rather than see it sold on the market.

Related articles:

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more